Since I wrote about it in my column last week, the saga involving Burford Capital and “short activist” Muddy Waters has taken a series of extreme twists and turns that would make an Alpine road look positively Roman. I won’t go into detail – I will leave that to Mr Bearbull who has tried to make sense of Burford’s numbers. But they can be summarised as follows: a lengthy accounting-focused rebuttal from Burford and a series of chunky-ish director share purchases; an interjection from fellow short seller Gotham City welcoming scrutiny of Burford; another volley from Burford threatening legal hellfire and brimstone against the market manipulators dragging down its share price; a counter-rebuttal from Muddy Waters, including a rejection of the insinuations that it was involved in the “spoofing and layering” identified by the US academic Burford had employed to prove the manipulation.
To continue reading, subscribe today
and enjoy unlimited access to the following:
- Tips of the Week
- Funds coverage
- Weekly features on big investment themes
- Trading ideas
- Comprehensive companies coverage
- Economic analysis
The Editor
Going rental
Bricks and mortar might still offer some protection from fragile financial markets
John Hughman