More or less my thoughts, too. I've met a number of BLA employees, and have spoken to others who've invested into various funds - they're good people, it's not a fraud, and it's not going bust given the balance sheet is heavily net cash. The principle issue here is one of valuation - it got into nosebleed valuation territory as both the estimate of sustainable earnings and the multiple applied to those earnings got way out of hand. This happens with fallen angel growth stocks all the time - ISD is a good, recent example that springs to mind.
At around $6 i think it's in the ballpark of fairly valued for what it is if i right size their revenues to what i think they should be earning through the cycle relative to AUM, but the broader question now is whether this episode significantly impacts on the longer term ability of BLA to raise capital / continue grow AUM. If it does, then even $6 is probably generous.
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