Blue Sky ready to welcome White Knight, page-16

The closer it gets the more this starts to look like a classic Oaktree play, who are not an equity investor, but a distressed debt investor:

- lend at a secured level with high rate of interest
- watch things go south until the ordinary equity holders are wiped out
- call in the security for the loans to make sure the loan gets repaid
- flog off what's left over as free upside for the Oaktree fund
- get a board appointment so that you can monitor closely along the way.

They're more like a black knight rather than a white knight. I sure wish I could be investing in them rather than the "Enron of Eagle Street" but sadly that's the level of quality you get on the ASX...