Company:Burford Capital

From HandWiki
Short description: Finance and professional services company
Burford Capital
TypePublic
LSE: [Script error: No such module "Stock tickers/LSE". BUR]
NYSE: BUR
IndustryFinancial services
Founded2009 (2009)
FoundersChristopher Bogart
Jonathan Molot
HeadquartersGuernsey
New York City
Chicago
London
Key people
Christopher Bogart (CEO)[1]
Jonathan Molot (CIO)
ProductsLitigation finance
Websitewww.burfordcapital.com

Burford Capital, founded in 2009, provides specialized finance to the legal market.[2] It operates as a finance and professional services company worldwide with principal offices in New York, London and Chicago. The company offers financing to lawyers and clients engaged in litigation and arbitration,[3] asset recovery and other legal finance and advisory activities.[4]

History

Burford was founded by Christopher Bogart as a way to fund legal cases. The company was launched with Jonathan Molot in 2009.[5]

Burford has been publicly traded on the London AIM Stock Exchange (BUR:LN) [6] since October 2009 and issued further shares in a follow-on in 2010. In 2017, Burford received the AIM Award for Innovative Fundraising of the Year.[7]

On 7 August 2019, Muddy Waters Research cited issues[8][9] with Burford's fair value accounting practices and of misrepresenting its returns on invested capital and rates of return.[10] [11] Burford responded to each of the seven claims made by Muddy Waters, raising what it called “many factual inaccuracies”.[12] On 12 August 2019, Burford alleged it had identified evidence consistent with “illegal market manipulation” of its shares in the run up to a short attack.[13] Three days later, on 15 August 2019, Burford announced the replacement of its chief finance officer, the spouse of the chief executive officer.[14]

On 21 June 2021, Burford Capital announced it had successfully been paid $103m USD, resulting from the divorce settlement between Farkhad Akhmedov, a Russian businessman and Tatiana Akhmedova. [15] Bloomberg claims the total settlement was $186m USD. Burford Capital were successful in financing the litigation and were paid over 55% of the total settlement, which contributed $20m to its 2021 operating profit, according to Burford Capital. [16][17]

References

  1. ↑ "Q&A with litigation financier Chris Bogart". New York Business Journal. http://www.bizjournals.com/newyork/news/2015/02/27/q-a-with-litigation-financier-chris-bogart.html. Retrieved 14 August 2015. 
  2. ↑ "What Do You Get if You Cross a Lawyer With a Banker?". Bloomberg.com. 2018-06-11. https://www.bloomberg.com/view/articles/2018-06-11/litigation-finance-a-way-for-lawyers-to-get-really-rich. Retrieved 2018-06-11. 
  3. ↑ "Burford Capital Ltd (BUR:London Stock Exchange)". Bloomberg. https://www.bloomberg.com/research/stocks/snapshot/snapshot_article.asp?ticker=BUR:LN. Retrieved 14 August 2015. 
  4. ↑ "N+1 Singer Begins Coverage on Burford Capital Limited (BUR)". WKRB. http://www.wkrb13.com/markets/654830/n1-singer-begins-coverage-on-burford-capital-limited-bur/. Retrieved 14 August 2015. 
  5. ↑ Kinder, Tabby; Beioley, Kate (9 August 2019). "Behind Burford Capital: the litigation funder under siege". Financial Times. https://www.ft.com/content/17cbe4d8-baaf-11e9-96bd-8e884d3ea203. Retrieved 19 December 2019. 
  6. ↑ "BUR BURFORD CAPITAL LIMITED ORD NPV". London Stock Exchange. http://www.londonstockexchange.com/exchange/prices-and-markets/stocks/summary/company-summary/GG00B4L84979GGGBXASQ1.html/. Retrieved 14 August 2015. 
  7. ↑ "Best AIM companies of 2017 confirmed" (in en). http://www.iii.co.uk/articles/451928/best-aim-companies-2017-confirmed. 
  8. ↑ "Burford Capital attacks short sellers as shares plunge 40 per cent". 7 August 2019. https://www.cityam.com/burford-capital-attacks-short-sellers-as-shares-plunge-30-per-cent/. Retrieved 7 August 2019. 
  9. ↑ Russell, Harriet; O'Dwyer, Michael (7 August 2019). "Short seller Muddy Waters attacks litigation funder Burford Capital". https://www.telegraph.co.uk/business/2019/08/07/short-seller-muddy-waters-attacks-litigation-funder-burford/. Retrieved 7 August 2019. 
  10. ↑ "Muddy Waters criticises Burford Capital: the report unspun". https://www.thetimes.co.uk/edition/business/muddy-waters-criticises-burford-capital-the-report-unspun-z9pm0hklm. Retrieved 8 August 2019. 
  11. ↑ "Shares crash as short seller Muddy Waters savages Burford Capital". City A.M.. 7 August 2019. https://www.cityam.com/shares-crash-as-short-seller-muddy-waters-savages-burford-capital/. Retrieved 12 September 2019. 
  12. ↑ "Clarity on Burford Capital is needed after Muddy Waters treatment". The Guardian. 7 August 2019. https://www.theguardian.com/business/nils-pratley-on-finance/2019/aug/07/hedge-fund-muddy-waterss-report-knocks-burford-capital-shares. Retrieved 12 September 2019. 
  13. ↑ "Burford Capital alleges illegal market manipulation". The Times. 12 August 2019. https://www.thetimes.co.uk/article/burford-capital-alleges-illegal-market-manipulation-925s355k6. Retrieved 12 September 2019. 
  14. ↑ "Burford Capital ditches finance chief in response to activist pressure". City A.M.. 15 August 2019. https://www.cityam.com/burford-capital-ditches-finance-chief-in-response-to-activist-pressure/. Retrieved 12 September 2019. 
  15. ↑ "Legal financiers paid £75m for role in Russian billionaire divorce battle" (in en). 2021-07-16. https://www.independent.co.uk/business/legal-financiers-paid-ps75m-for-role-in-russian-billionaire-divorce-battle-b1885196.html. 
  16. ↑ Burford Capital Website. "Akhmedov Judgment Enforcement Resolution" (in en). https://www.burfordcapital.com/media-room/media-room-container/burford-capital-reports-resolution-of-akhmedov-judgment-enforcement-matter/. 
  17. ↑ "Billionaire Ends Largest U.K. Divorce With $186 Million Deal" (in en). Bloomberg.com. 2021-07-16. https://www.bloomberg.com/news/articles/2021-07-16/akhmedov-settles-u-k-s-largest-divorce-with-186-million-deal. 

External links



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