Valuations of businesses that have received significant growth...

Valuations of businesses that have received significant growth capital is fuzzy at best. Plenty of subjective appraisal happening. Thing is these PE investments seem to be the area of most conjecture and its reflecting on the rest of the business which may or may not be values properly. That is why more transparency is required if Blue Sky are ever going to hose down the negative sentiment.

As you said:
"If they are doing this in the PE arm, what else are they doing in the other parts of the business?"

Its all speculation and the only way to overcome it is to deliver solid facts.