There is no way OakTree will buy the BLA shell, they will just...

There is no way OakTree will buy the BLA shell, they will just purchase the management business and leave the cash and the shell.

Legitimately until we see the deal its too hard to tell, but going historically, OakTree will re-finance the existing loans to the investments, freeing up another 30mil / 40 mil and then provide BLA with a preference equity deal at say 11% and can convert to equity at a price ($2.50) for 20% of the company, for 30 or 40 Million or so, plus agreed terms to fund future funds.

That will give BLA a 12 month window of cash to get themselves sorted (circa 100 to 120 million). However unless they can sort out their negative operating cash issues, OakTree will have the ability to take over the management of the funds when they run out of cash.

So OakTree will win whichever way the wind blows, but shareholders will get stuff all.