@Portfolio Yeah, i hear you on the financing conundrum for LCA -...

@Portfolio

Yeah, i hear you on the financing conundrum for LCA - a tough choice between very expensive debt, or dilutive equity raises. I'd be quite keen if they could squeak through without raising additional equity - my finger-in-the-air estimate is that the business as it stands is capable of doing $10m+ EBIT p.a., estimated as deploying $15m p.a. ($5-6 deployed for $1 of overhead, roughly what IMF did before they went empire-building in 2014) @ 100% gross margin (2x MOIC) for $15m GP, less $3m corporate overhead. So if they can squeak through the next 3-6 months without raising equity, the equation on a $23m market cap is quite favorable. Given the unknowns associated with LCA's capital structure, i'll sit on the sidelines for the time being.

Re: IMF, would you be so kind as to post to the IMF board even a brief outline of any response you get back from management? I'd be intrigued as to what they say, given you and i are effectively barking up the same tree there regarding what appears excessive cost relative to litigation book growth (excessive cost relative to IMF's own historical output up to 2014, and relative to competitors such as Burford).

cheers