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The Guardian reports that a latest progress report from KPMG, the administrators of Patisserie Holdings (LON:CAKE), has concluded that the company's accounts had been overstated by approximately £94m, more than twice the previous estimate. The breakdown of the new sum: cash overstated by £54m, payables understated and receivables overstated by an aggregate £17m, and a £23m discrepancy in asset valuation.

Interesting to see the positioning and tone of the Volatility section on page 6 of the Annual Report in conjunction with the previous section, where management discuss their ambition to develop Burford's business model.I was first struck by the following paragraph on page 5: To be sure, we continue to make hundreds of millions of dollars of litigation finance investments each year, where we provide…

According to various news sources, the Financial Reporting Council is to be abolished and replaced by a new regulator, the Audit, Reporting and Governance Authority. The BBC claims that for the first time, the new regulator will be able to:Directly regulate the biggest audit firmsImpose greater sanctions in cases of corporate failureRequire rapid explanations from companiesPublish reports about a company's conduct and managementColour me cynical,…

"As a fairly conservative investor, I feel that the ultimate measure of success for Burford will be that it returns more cash to investors than it invests each year."That's why Berkshire Hathaway has always been such a crap investment. I mean, on paper it's made a ridiculous amount of money over the years and generated bucket loads of cash, but when you hold it to…

It seems likely that we have a forced institutional seller in the market at present, which would almost certainly account for some of the abrupt falls we saw last week in several relatively illiquid AIM stocks. A Reuters report on Wednesday revealed that City Financial has filed a notice of intention to appoint an administrator, a protective measure which prevents a third party from commencing…

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