Omni Bridgeway Ltd · ASX:OBL
Omni Bridgeway — IMF Bentham — Investor Presentation (December 2011)
14 slides from Omni Bridgeway's investor presentation, Dec 9, 2011
Slide 1: Overview of IMF Expansion Strategy for US Market
Overview of IMF Expansion Strategy for US Market Presentation to Investors December 9, 2011 Bentham Capital LLC
Slide 2: Executive Summary
Executive Summary IMF Expansion to the US Market Bentham Team Overview Of US Litigation Market US Competitors Bentham Investment Strategy Bentham Marketing Approach Opportunities Bentham Capital LLC 9 December, 2011 2
Slide 3: The IMF Expansion to the US Market
The IMF Expansion to the US Market Proven Market: Successfully tested by IMF Native US Trial Attorney: Extensive knowledge of US legal system Litigation Finance Professional Possessing: Network of law firms, knowledge of industry, strategic partners Experience setting up and managing a funding enter
Slide 4: Bentham Team
Bentham Team Ralph Sutton Helped found and run Credit Suisse Litigation Risk Strategies group for over four years Over 17 years of trial practice; law clerk to US district court judge Network of US law firm relationships and strategic partnerships Charlie Gollow Senior IMF investment manager of 9 ye
Slide 5: Stages of US Litigation and Settlement Points
Stages of US Litigation and Settlement Points Settlement Settlement Settlement Settlement 2 4 YEARS Case Filed Pleadings Discovery Jury PreTrial Appeal Appeal Motion Bentham Capital LLC 9 December, 2011 5
Slide 6: Vast Majority of Civil Cases are Settled Before Trial
Vast Majority of Civil Cases are Settled Before Trial AmLaw 200 firms carry an estimated average of 100 ‐ 200 significant litigation matters each for total: 20,000 ‐ 40,000 Approximately 90% of civil cases settle before trial Trial or Appeal: 2,000 ‐ 4,000 cases Settled Before Trial 18,000 ‐ 36,000
Slide 7: US Competitors
US Competitors Burford– Direct competitor, focused on larger cases; AIM listed Oct ‘09 (£80), Further raise in 2010 (£110) Juridica – Direct competitor; AIM listed Dec ’07 (£80) Credit Suisse – Direct Competitor BlackRobe – Just launched Fulbrook – Just launched UK Funders Expanding Reach: Harbour,
Slide 8: Bentham Investment Strategy
Bentham Investment Strategy Fund cases in major states without legal impediments such as champerty, maintenance or usury (New York, California, Texas, Florida ‐‐ 28 states) Focus on contingency fee cases at top firms Early stage commercial contingency cases Early stage patent contingency cases Short
Slide 9: Breakdown of AmLaw 200 Litigation Revenue (2009)
Breakdown of AmLaw 200 Litigation Revenue (2009) AmLaw 200 All Other Law Firms Litigation All Other Billings SOURCE: AMERICAN LAWYER MAGAZINE Bentham Capital LLC 9 December, 2011 9
Slide 10: AmLaw 200 Law Firms Focusing on Contingency Fee Cases
AmLaw 200 Law Firms Focusing on Contingency Fee Cases Estimated 50% of AmLaw 200 firms do only hourly fee cases Estimated 80 AmLaw 200 firms litigate some CF cases Estimated 20 AmLaw 200 firms actively seek CF cases Actively Seek CF Cases Hourly Fee Cases Only Litigate Some CF Cases SOURCE: UNCONFIR
Slide 11: Bentham Focus on Contingency Fee Cases
BENTHAM FOCUS ON CONTINGENCY FEE CASES Attorneys defer all or part of fees and costs until case resolves Attorneys bargain for 10 ‐ 40% of settlement/judgment, depending on client’s contribution, size of expected recovery, leverage Law firms develop portfolio of CF cases to boost their profitability
Slide 12: Bentham Products and Investment Details
Bentham Products and Investment Details Products: Early stage commercial cases on contingency Early stage patent cases on contingency Shorter duration investments Characteristics: Average investment size: $2‐5 m for fees/costs or working capital Expected returns: 3x‐5x ($6‐25 m) Duration: 2‐4 years
Slide 13: US Marketing Goals
US Marketing Goals Introduce and develop the Bentham brand to the US legal market Differentiate the brand from the competitors Achieve a diversified portfolio of investments: Commercial litigation: 50% Patent cases: 30‐35% Appeals and special/niche: 15‐20% Bentham Capital LLC 9 December, 2011 13
Slide 14: US Opportunities to Date
US Opportunities to Date Deal flow is robust Not in full marketing mode Representative Areas Breach of Contract / Commercial Litigation Patent Anti‐Trust Bentham Capital LLC 9 December, 2011 14