The initial hammering of BLA's SP was due to the Glaucus report,...

The initial hammering of BLA's SP was due to the Glaucus report, which staked much of its claims on the false hypothetical premIse that if BLA exited the water rights market, its assets would be worthless. Unfortunately for a lot of investors, they didn't think through the implications of what Glaucus claimed & the absurd conclusion that it amounted to, so were duped by their report. The AFR kept reiterating Glaucus's faulty claims via Joe Aston's pityful "journalism," if you can call it that, causing unsophisticated investors to lose even more money fleeing from what was still a decent investment, whose SP was only months ago over $14, as the herd jumped off the cliff taking the SP with it. It is little wonder that the SP has bounced & is recovering, netting significant gains for those wise enough to invest at its lows.



As for the cash burn, it is not entirely surprising during a time during which their SP is being battered (unfairly so), causing them to need to restructure, as well as having to make internal adjustments for the new accounting standards. As such, I think the cash burn is more the effect of their battered SP, not the cause of it - I mean, who was really talking about their cash burn before the Glaucus report? Moreover, the cash burn is due to extraordinary events that are temporary at worst. I can't see it going on for much longer - certainly not after the restructure. And if Oaktree comes through, it'll remove any shreds of remaining doubt.