Raises an interesting corporate governance question. I'm in...

Raises an interesting corporate governance question. I'm in private equity and there's no way that any company we invest in could even think about doing a deal like the Oaktree one without full shareholder approval. So why should BLA have been allowed to effectively bet the company on the Oaktree deal without seeking approval from its shareholders who are ultimately the ones who will carry the can if it goes wrong?

I know that they needed shareholder approval for the conversion rights but surely the more significant issue for the company was the terms of the loan itself.