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Archive List for Risk Management

The Ban That Wasn’t: Ohio’s New Litigation-Funding Law

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The Ban That Wasn’t: Ohio’s New Litigation-Funding Law Ohio Governor Mike DeWine signed HB 105 in early July, and the coverage called it a foreign-funder ban, the second state to restrict litigation finance this summer after North Carolina’s outright prohibition. The bill text tells a stranger, more useful story: a real but narrow capital restriction […]
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The Redemption Panic: Why BDC Gates Aren’t Defaults

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The Redemption Panic: Why BDC Gates Aren’t Defaults Non-traded BDCs are gating withdrawals again. Having already lost money on retail private credit once, here’s how I read the headlines — and the three things that would actually worry me. The headlines vs. the data Every few weeks in 2026 another headline lands: a giant private-credit […]
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The Bank That Isn’t a Bank: Synapse and the FDIC Mirage

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The Bank That Isn’t a Bank: Synapse and the FDIC Mirage An “FDIC-insured” balance in a fintech app doesn’t mean your money is safe — 100,000+ people learned that when Synapse, the middleware behind their apps, collapsed. Here’s how the trap works, why it’s bigger for the tens of millions chasing “high-yield” apps that aren’t […]
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The Prohibition Model: North Carolina Bans Litigation Funding

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The Prohibition Model: North Carolina Bans Litigation Funding On June 22, 2026, North Carolina became the first US state to ban third-party litigation funding outright — not disclosure, not a cap, a flat prohibition. Here’s what the statute actually does, and what it means for the asset class. My angle here isn’t a lawyer’s — […]
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The VC Myth, Debunked: Why Patent Funders Aren’t VCs

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The VC Myth, Debunked: Why Patent Funders Aren’t VCs Reading Sean K. Thompson’s new preprint — and what the publicly disclosed Burford and Omni Bridgeway data actually say about how patent funders make money. The Setup In 2025, four WilmerHale attorneys published The Venture Capital Model Applied to Litigation Funding: Misaligned Incentives and the Harm […]
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The Litigation Grind: 42 Cases, 7 Years, 1.25% IRR

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42 Cases, 8 Investors, One Platform’s Collapse How my investor group barely broke even on a litigation finance crowdfunding platform The Bottom Line My investor group put $2.3 million into 42 commercial litigation cases on LexShares from 2017-2020. We barely broke even. Total Invested $2,331,000 Members 8 Cases 42 Record 20 wins, 15 losses, 7 […]
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The Pyrrhic Victory: Won at Trial, Lost Money

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LexShares Case #310: When Winning Still Loses Money UKnight v. Knights of Columbus — a $100 million lawsuit wins at trial, but the $500,000 verdict doesn’t cover the litigation funding The Numbers Invested $170,000 Returned $149,937 Net Profit ($20,063) MOIC 0.88x IRR -4.41% Holding Period 1,018 days The Case List Interactive v. Knights of Columbus […]
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The Concentration Bet: Going All-In on Litigation Finance

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The Concentration Bet: Going All In on Litigation Finance How reaching my first million reshaped my strategy — and why I concentrated heavily in litigation finance, with the risks, rewards, and lessons that followed. A note on how to read this one: it’s a time capsule. I wrote it in November 2018, at the moment […]
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Portfolio

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Alternative Investment Portfolio Real-money results from litigation finance, real estate, and private credit — 2016 to present Portfolio Summary Category Deployed Returned Status Litigation Finance $4,004,062 $2,311,825 3 funds active, 3 cases pending Real Estate $390,270 $408,800 Closed Private Credit $1,129,475 $1,295,822 Closed Litigation Finance Funding commercial lawsuits in exchange for a share of settlements […]
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