By early 2008 Michael Burry exited all remaining credit default positions by auctioning them to Wall Street banks seeking protection.

True: Scion investor letters, Burry's testimony or reliable reporting show that by early 2008 (roughly January to April 2008) Scion had exited all its remaining credit default swap positions, mainly by auctioning or selling them to Wall Street dealers or banks. Mostly true: the exit was complete and mainly by sale to banks, but it finished slightly later (by mid-2008), or a small residual was kept. Mixed: most positions were exited by early 2008, but a significant share stayed open later, or the exit was not by auction or sale to banks. Mostly false: only a minority of positions had been closed by early 2008, with most exited much later. False: Scion kept most of its credit default positions well beyond 2008, or exited them before 2008 and in a fundamentally different way.

Set before the research began.

1. E1 Michael Burry Is Buying Real Estate and Deep Value Yahoo Finance · 20 February 2019

   “In April 2008, Burry liquidated his credit default swap short positions and closed his hedge fund after a turbulent few years.”

2. E2 Michael Burry's Testimony Before The Financial Crisis Inquiry Commission ValueWalk · 29 March 2011

   “it looks like everything if not close to everything was closed out.”

3. E3 A Series of Scion Funds, LLC Annual Letter Scion Capital, ... investorkurs.no (compilation of Scion Capital letters and FCIC transcript) Own record

   “And then as of today there’s nothing left.”

4. E4 A Series of Scion Funds, LLC Annual Letter Scion Capital, ... investorkurs.no (compilation of Scion Capital letters and FCIC transcript) · 2008 Own record

   “The Funds continue to maintain a short position amounting to roughly $750 million notional in corporate credits, concentrated most heavily in firms involved in one form or another of mortgage insurance.”

E1 says Burry liquidated his credit default swap positions in April 2008, and E2 and E3 contain undated remarks that everything or nothing was left. No item shows that the positions were auctioned or sold to banks, and E4 refers to a continuing corporate credit short in 2008. So the evidence does not establish both a complete exit and the sale method that the criteria require.