Michael Piccolo

Michael Piccolo asked about the potential gains for the Sysco Proteins case, the nature of collateral in a highlighted bankruptcy case, and how Burford Capital plans to bridge the gap to its long-term 20% ROE target.

Answer

CEO Christopher Bogart stated that specific case modeling data is not released due to litigation strategy and legal privilege, but public information indicates substantial claim sizes for the Sysco Proteins cases. Regarding the bankruptcy case, he clarified that Burford Capital's entitlement is solely to proceeds from the specific litigation claims, not as a general creditor, and these claims continue to perform positively. On the ROE target, he explained that ROE is assessed on a rolling basis, with some years exceeding and others falling below the 20% target, which remains achievable over a longer period.

Michael Piccolo asked about the potential gains for the Sysco Proteins case, the nature of collateral in the highlighted bankruptcy case, and how Burford Capital plans to bridge the gap to its long-term 20% ROE target.

Answer

CEO Christopher Bogart declined to disclose specific case modeling data for the Sysco Proteins case due to litigation strategy but noted the substantial size of the claims. He clarified that Burford Capital's collateral in the bankruptcy case is tied only to litigation proceeds, which continue to perform. Regarding ROE, he explained it's a rolling, long-term target, acknowledging current multiyear ROE is in the teens but remains achievable.