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Elliott Management was in the news yesterday for financing a lawsuit against Quibi.
Yep read that
Joining the thread to see if anyone else has resources on this. Thanks and sorry I don't have more to offer here. All I know is it was supposed to be all the rage 10 years ago. Then again 5 years ago. And it seem to be progressing, but very slowly.
I looked at this space a couple years ago. There's some sponsor activity with Towerbrook financing the launch of a company (Validity Finance) and I believe one other PE-backed platform. Burford Capital is the big public comp in the space and their stock has gotten annihilated recently ($20 down to $5 in the last 12 months).
FWIW the lawyer friends I've talked to about it are not fans of the concept as it greatly complicates conflict checks on their part since you have to consider the financier and all their investors as parties in the lawsuit.
I've been in the lit fin business for over 15 years. It's changed a lot. I've been on the buy side (identifying, sourcing, investing in and managing legal assets) and sell side (claimants and law firms). I've also run a lit fin strategy for a PE owned company, and run a lit fin strategy for an asset manager. Happy to answer questions.
PM'd you
Mind if I PM you?
Burford Capital is the biggest pure play public firm in the space based in NYC but traded in UK until this fall when they got listed on NYC. Roughly $2bn market cap and have a $4.9bn in funds invested. Reading their Annual Report might be helpful. Their 2020 report comes out this week after earnings. They had a big short attack against them a in August of 2019 and the stock feel 50% (previously was up 1200% since IPO in 2009). Interesting business for sure. The other "big" public player is Omnibridge way (Based in Australia/NZ I think). Merged with IFM Betham last year, another player. They are about half the size of Burford. Both the company's annual reports are helpful. There's not much broker research on them though. Jefferies is the only mainstream research team that covers Burford, all the other brokers are small and relatively unknown.
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