Exactly what you have described re Magnolia occurred to me......

Exactly what you have described re Magnolia occurred to me... the issue is getting through the quarter or year end with a better valuation won't solve their issue.

It will keep coming back. as a high profile fund this will impact their operating model as described. Their position is too big not to have to tackle Management. The question is whether the contracts which agents are all signed up to can be varied to enable a sustainable cash flow and profitability. If agents walk at the first sign of a renegotiation then the company is going to continue to lurch from cash flow crisis to equity raising or indeed potentially insolvency...