Blue Sky Share Holders Association, page-13

the issue I have is that technically unless you can point to something, nothing they did was criminal. Tricky yes, but not criminal (in comparison to other recent failures). They selectively promoted elements of their business and disclosed the balance via financials - the internal arrears were growing at a rate greater than the profit. Even when they did their last dividend, investors should have been scratching their head, where is all the money going that you made $xxx, but need to raise money to pay a dividend???

If you look into the past before the most public short sell, there are multiple articles in the media / advisors saying that something was off at BLA, its just that it never got picked up into the mainstream directly because they threatened litigation every time somebody suggested they were not as shiny.

If people want to invest in a business with very poor disclosure and overly complicated financials, then so be it, buyer beware and let the market decide.