BLA was trading at a large premium to NTA, which for this sort...

BLA was trading at a large premium to NTA, which for this sort of company is a big signal to avoid buying.
The value of the NTA being under question together with an excessive premium is a disaster.

I can see the only outcome to this is getting a new independent auditor to review the value of the assets under a confidentiality agreement & then get them to issue an opinion.
I suspect the result of that opinion is that the assets were over valued but not to the extent that Glaucus is suggesting.
The problem with that is how to maintain an orderly market during the review period which could take weeks or even month+.
I wouldn't be surprised to see BLA suspended for an extended period to carry out a review. Plus it would be a way to stick it to Glaucus by not letting them close out their shorts.