Based on newspaper clippings, hedge funds and short sellers believe:
Founder left and sold out. Must be the top.
Valuations made up. Not mark to market. Independent valuers, reviewers and auditors are collectively conflicted and/or incompetent. Investment returns are also made up.
Their investments are all bad. Too much debt.
Overvalued. Relative to US alternative managers*.
Accounts either don't make sense or, where they make sense, there are red flags everywhere.
Guidance on assets under management don't matter. Nor do incentives around assets under management.
* Random trivia: what other Australian companies have been historically or periodically shorted based on their relative overvaluation to US counterparts?
BLA Price at posting:
$6.71 Sentiment: None Disclosure: Held
