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BRFRF - Muddy Waters Issues Short Selling Report On Burford - Looks Fair To Be Honest
Burford Capital Limited
The Burford Capital Problem
The essential argument here is about how to account for gains that are booked but not actually in cash. That is, if we've got to apply a valuation, without it being possible to have an independent test of that value, how should we go about it?
The obvious temptation is for the management of a firm to be, shall we say, ambitious in such valuations. Or perhaps we might say they'll overvalue gains and thus boost the share price. This is the basic allegation being made by Muddy Waters.