Interestingly their half year report advised that they generated...

Interestingly their half year report advised that they generated $23 Million in management fees for the half year. So assuming a straight line, fully year management fees would be $46 Million. At a 2% management fee this equates to $2.3B of Funds under management - that assumes that the management fees are for the current year and not including any pre-payments, but could include Due Diligence / Setup one off fees.

My guess is that number is closer to $2B vs $1.5B from Glaucus or $4B from Blue Sky.

Any write downs on the funds will have massive impacts on Blue Sky, because the $4B that they are promoting includes debt (this was included in their rebuttal), so if you assuming $4B of assets ($2B Equity, $2B Debt), and the Valuers write it down by say 10%, your now sitting on $3.6B of assets the numbers are $1.6B in Equity, $2B in Debt. However if you follow Glaucus line of thoughts, if you have $4b of Assets ($1.5B Equity, $2.5B Debt) and they write them down 10%, your still looking at $3.6B of assets, its now just looking terrible for the investors - $1.1B Equity, $2.5B Debt...