Ann: Blue Sky H1 FY19 Results Update, page-50

Actually, I was thinking about Blue Sky again last night, how about this as the bigger concern.   I was struggling to reconcile whats happening with the cash, given they have sold and closed a number of funds, so even if they didn't make much profit on them, they should have realized a raft of cash and performance fees that were in arrears (earnt and declared towards profits in historical years).

So as we get closer to the half year report, I'm actually concerned that the cash burn is much much closer to 50+ mil in the first 6 months.

But then reconcile that against the decrease in assets under management (AUM) and you get a much scarier picture - if you realised assets and have less cash than you started and decreased AUM, it means you are having some of the following issues:
1.  Struggling to sell the investment products or;
2.  the market is demanding you co-invest a greater % or;
3.  the scariest one of all - there are serious issues in more funds that are not being disclosed and they are having to prop them up.

Something is going on here and the market update really doesn't do it justice