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Archive List for Risk Management

The Debt Didn’t Move: Burford’s Leverage After YPF

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The Debt Didn’t Move: Burford’s Leverage After YPF Between December and June, Burford’s borrowings rose 13% and its leverage ratio nearly quadrupled, from 0.9x tangible book to 3.5x. Almost none of that came from borrowing. The denominator collapsed, because a court reversed a judgment and $2.4 billion of carrying value went with it. In the […]
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The Ban That Wasn’t: Ohio’s New Litigation-Funding Law

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The Ban That Wasn’t: Ohio’s New Litigation-Funding Law Ohio Governor Mike DeWine signed HB 105 in July and the coverage called it a foreign-funder ban. It isn’t one. It’s a licensing regime for the whole industry with a single real prohibition attached — and that prohibition, a look-through test on where a fund’s capital came […]
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The Redemption Panic: Why BDC Gates Aren’t Defaults

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The Redemption Panic: Why BDC Gates Aren’t Defaults Non-traded BDCs are capping withdrawals again and the alarm is pointed at the wrong thing. The cap is the most honest sentence in the prospectus. The price it lets you exit at is set by the party you’re exiting, on a quarter’s lag, and cannot be audited […]
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The Bank That Isn’t a Bank: Synapse and the FDIC Mirage

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The Bank That Isn’t a Bank: Synapse and the FDIC Mirage No bank failed, so deposit insurance never paid a cent — and 100,000+ people still lost access to their money. Here’s what actually went missing, why the compensation arrived as a one-dollar penalty, and why the two rules meant to fix this still don’t […]
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The Prohibition Model: North Carolina Bans Litigation Funding

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The Prohibition Model: North Carolina Bans Litigation Funding North Carolina became the first US state to outlaw third-party litigation funding outright — not disclosure, not a cap, a flat prohibition with $50,000 penalties and treble damages. It passed the House unanimously and the Senate 45-1, which is a strange result for a contested policy fight […]
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The Litigation Grind: 42 Cases, 7 Years, 1.25% IRR

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The Litigation Grind: 42 Cases, 7 Years, 1.25% IRR An eight-member investor group put $2.3M into 42 commercial lawsuits on a retail platform and came out roughly where it started. The win rate was survivable; what the wins paid was not. The platform priced just under the funders who had already turned these cases down, […]
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The Pyrrhic Victory: Won at Trial, Lost Money

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LexShares Case #310: When Winning Still Loses Money UKnight v. Knights of Columbus — a $100 million lawsuit wins at trial, but the $500,000 verdict doesn’t cover the litigation funding The Numbers Invested $170,000 Returned $149,937 Net Profit ($20,063) MOIC 0.88x IRR -4.41% Holding Period 1,018 days The Case List Interactive v. Knights of Columbus […]
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The Concentration Bet: Going All-In on Litigation Finance

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The Concentration Bet: Going All In on Litigation Finance Why crossing the first million made me abandon diversification — and put more than half my portfolio into lawsuits. Why I’m Changing Strategy Crossing $1 million didn’t feel like much at the time — what actually changed my thinking was doing the math on how I’d […]
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Portfolio

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Alternative Investment Portfolio Real-money results from litigation finance, real estate, and private credit — 2016 to present Portfolio Summary Category Deployed Returned Status Litigation Finance $4,004,062 $2,348,479 3 funds active, 3 cases pending Real Estate $390,270 $408,800 Closed Private Credit $1,129,475 $1,295,822 Closed Litigation Finance Funding commercial lawsuits in exchange for a share of settlements […]
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