But seriously people the bigger issue here is that only 2 months ago, when Glaucus first came out the Board and Management stated very publicly that their valuations were SOLID and that there were no problems here at all. Now here we are 2 months later and they are saying, oh hey, you know this valuation we said was unnecessary and that we were dragged kicking and screaming to do, so..... hey yeah we did write these things up on paper unjustifiably. But hey, believe us on these new valuations and all of the other investments that we haven't finished valuing yet.
So they put out a unit valuation recently for BAF saying its worth, what $1.09 but that still relies upon everybody believing them. Hmmmm..... Not sure on that one just yet. Now the issue is that given the highly leveraged position of these investments, slight movements in the underlying assets will be brutal to the unit price.
My final though on this post is that they are still talking shifty talk. We are re-valuing all of the assets that we have written up on paper, over 20%. Soooo, not all the assets, just the ones that they have written up. Why not all???????????? Every time when I hear them speak or issue announcements, it always comes across as a half truth - So you ask a question about A, but they half answer and then shift the question, so your sitting there saying, ummmm, did they actually answer it? Look at the questions around the lending inside the funds - they are having to conduct a review of each of the loan documents to ensure that there is no Cross-collateralization or exposure to BLA. HOW DO YOU NOT KNOW THIS ALREADY??????
This company is a joke
BLA Price at posting:
$2.65 Sentiment: Sell Disclosure: Not Held
