Actually the more i think about it, the less I see it happening,...

Actually the more i think about it, the less I see it happening, shareholder approval would be an issue.

The more devious part of my brain thinks that Oaktree are smarter than everybody and I can see the following scenario play out...

Oaktree requests that BLA payback half the loan (call it 45 million) and force BLA to do a capital raise, do a 2 new shares for every 1 share issue at 35 cents, raise $50mil after costs. Get a shareholder approval with the prospect of folding on the cards, then you will find that Oaktree are the underwriter of the share issue and end up with 50% / 60% ownership for circa $30million, plus a loan balance of $45million, plus existing conversion rights....

Oaktree gets a Win Win scenario, BLA continues, existing shareholders get stuff all...