With a market cap of $35m, the chance of getting a $90m capital...

With a market cap of $35m, the chance of getting a $90m capital raising up at any pretty much any price is between buckley's and none in my opinion. For a capital raising of that size, you need decent institutional support and given everything that has gone on, I'd be very surprised indeed if any instos would go anywhere near this.

For there to be any earnings growth (or even to stop the decline) for BLA, they need to restore the confidence of their underlying fund investors so they can do more deals with those investors' money. Their reputation is completely shot at the moment so their chance of doing more deals is again between buckley's and none.

So for me, this is at best a run-off play with significant downside risk of the Oaktree arrangement trips up.