It can't, that's why they are closed ended funds, but that's no...

It can't, that's why they are closed ended funds, but that's no different from the current situation. However, from memory, BAF is sitting on circa $30m in cash which is currently being used for buybacks (surely not the underlying investors' intention?) and will realise more cash as BLA investments that it has invested in are exited.

WAM can and will invest in investments managed by other managers other than BLA and has a lot of experience in managing LICs which presumably is why the BAF directors came out and said that they would consider pursuing alternative arrangements regardless of what BLA says.