Interesting read. Thanks for doing all that research. I was...

Interesting read. Thanks for doing all that research. I was invested in IMF Bentham back in the day and liked the high risk/reward, lumpy structure of their business.

I never quite understood why they pivoted to a funds model for their capital, but based on what you've written above, perhaps they were playing 'follow the leader' or following industry 'best practice', which usually means not thinking critically about what they're doing and following the advice of highly paid industry consultants.

Either way I sold my shares a few years ago, and I'm pretty pleased I did given what the share price has done since. I still do like the basic business and the idea of litigation funding though, so if they did change leadership and pivot back to what I originally invested in I might become a holder again.