Have only skim read the announcement, but one of the more...

Have only skim read the announcement, but one of the more surprising things that I saw was that the $100m that they raised in March is almost all allocated for co-investment in their underlying funds - ie. it's not available for working capital purposes.

Given that BLA have negative operating cashflow and won't be able to generate much if any cash from new deals for the time being, the cash crunch could come a lot quicker than the 2-3 years I estimated.