Business
Update re Successful Petersen Appeal Court Result
Update re Successful Petersen Appeal Court Result.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 2340U Burford Capital 11 July 2018 \n\nThis announcement contains inside information.\n \n11 July 2018\n \n \nBURFORD CAPITAL UPDATES ON SUCCESSFUL PETERSEN APPEAL COURT RESULT\nAND ALSO REPORTS ON FURTHER RELATED ACTIVITY\n \nBurford Capital Limited (\"Burford\"), a leading global finance and investment management firm focused on law, announces that on 10 July 2018 the US Second Circuit Court of Appeals affirmed the trial court decision finding the Petersen claims against Argentina and YPF to be justiciable in the United States federal courts.\n \nAs a result, the case will now return to the trial court for substantive proceedings, although there is the possibility of the defendants seeking permission for a further review by the US Supreme Court, which is rarely granted. \n \nWhile we are pleased with this decision, it is important to emphasize that this decision relates purely to a preliminary jurisdictional question and does not foreshadow any particular result in the underlying litigation. \n \nAlthough the court's decision is a matter of public record upon its release (and is available here), Burford has issued this announcement as a matter of convenience. However, Burford does not intend to regularly issue such releases for other interlocutory steps in the proceedings, of which there are likely to be many before a final resolution.\n \nGiven the timing of the court's decision, Burford has not factored the impact of the court's decision into its investment valuation process for the period ended 30 June 2018, and will consider its impact, if any, in the investment valuation process for the period ending 31 December 2018. We discuss our valuation process further below.\n \nBurford has also historically provided litigation financing in connection with similar claims advanced by Eton Park, the third-largest YPF shareholder, which at the relevant time held approximately 3% of YPF's equity. Although publicly disclosed, Burford's investment in the Eton Park matter has not historically been the subject of investor attention. However, Eton Park is now in the process of dissolving, and Burford thus agreed in June 2018 to take on a broader role in the Eton Park matter, comparable to its role in the Petersen claim, and made a $21 mill...