Disagree that this is a toxic deal. I would say these are market...

Disagree that this is a toxic deal. I would say these are market terms for someone like Oaktree, and they aren't in this just for a 15% return. I know those guys and they obviously see some potential and they will be looking to convert into ordinary equity ($50m for 30%, which implies a pre-investment valuation of $117m and a share price of $1.51) for the upside, just like they did on Nine Entertainment. The covenants will incentivise management but obviously the danger for shareholders if that these covenants are not met and BLA slides into administration...