I'd missed the IER until you pointed it out. It is a fascinating...

I'd missed the IER until you pointed it out. It is a fascinating read, as well as the quote above there are a couple of other gems in there:

" In our opinion, the terms of the Convertible Notes reflect a level of financial distress which is not captured in our valuation of BLA on a 100% basis before the Proposed Issue"

"Oaktree’s right to convert prevails on BLA’s right to repay."

"This clearly indicates that the market was only attributing limited value to the funds management platform and BLA was trading at a discount to even the carrying value of the assets on the balance sheet which we do not believe to be unreasonable"

"Only upon conversion, the interests of Oaktree will be fully aligned with those of the Non-Associated Shareholders, otherwise Oaktree will only remain an external debt provider to the Company... If the Proposed Issue is not approved, Oaktree will remain as a mere debt provider and it will have limited incentive to work and collaborate with BLA to pursue the aforementioned strategic benefits."

"In our opinion, if the Proposed Issue is not approved, existing shareholders will be adversely affected by the looming dilution risks from any future capital raising to repay the Convertible Notes"

Oaktree clearly have them over a barrel. I need to read the IER again in more detail but IF the Oaktree conversion is approved and Oaktree converts to 30% ownership, this might be worth investing in at that point i.e. some adults in the room with the smarts and incentive to genuinely increase the value of BLA equity.