Yeah for me the oaktree thing isn't as big a deal as people may...

Yeah for me the oaktree thing isn't as big a deal as people may think.   Oaktree being involved ultimately will be profitable for them directly, either converting the debt to shares in a recovery, or taking the assets of the company.

Its the cash burn that worries me the most.   Im struggling with the valuation metrics while they are burning 30+ mil in 6 months.

Also remember that in that 6 months they exited a large number of investments and should have realized a raft of performance fees and co-invested capital.

If it drops under 60cents, its probably worth a small punt sneaky little 5k investment, only because the only way I can see them raising any more money is by going to their existing shareholders and doing a pro-rata capital raise.   That would protect shareholders from a material dilution but allow them to raise another 20ish mil - not a lot but if they can get the cash burn rate under 10 mil a year, gives them time to re-build confidence.