Actually I think that the BAF buy back was the best idea.  BAF...

Actually I think that the BAF buy back was the best idea.  BAF was faced with 3 real options, continue to put money into BLA funds (BAD IDEA), return the $$$ to shareholders via an inefficient capital return or purchase the shares on the market.

Based the above, those that wanted to exit the shares at a material discount to NTA can, those that take the view the investments are good value, can keep the shares and every share they purchase and wind up, means that the underlying value of the balance shares increases.

The bigger issue is that if you were an independent director of BAF, you have zero viability of the underlying investments outside of what BLA tell you.   So they have zero capacity to really investigate the underlying performance.

It will be curious to see what happens cause there is a group trying to wind the fund up and liquidate the assets, which would put BLA under a lot of pressure and might expose more issues in the underlying funds.   For example, if you have 10% of a BLA fund and you try to exit it now, BLA advises that its valued at $1 per unit, but after a competitive process the best you get offered is 50cents, its going to create more headlines and create more issues with the integrity of the BLA investments.