Ann: Blue Sky Market Update, page-66

Whilst no net debt in BLA, the real pain will be for those sitting around the Board table. Between Kain, Wilson, McNab & Morrison, they have approx. 5m shares which were worth $70m collectively just a month ago. Now worth $33m. I would expect that these shares represent the bulk of their personal wealth and that their lifestyle would have been progressively levered against that wealth.

As BLA has no restrictions on margin loans, it would not surprise if a few of these directors have debt against these shares to fund other things and may be facing some financial pressure now.