Discussed in this thread:
https://bitcointalk.org/index.php?topic=115284.0Usagi never discloses the many conflicts of interest involved in the dealings between CPA, BMF, and Nyan.
For example, BMF signed a contract with CPA to insure the NAV to stay above 1.0. The NAV fell below that level, but BMF never claimed the insurance they were entitled to. Now Usagi is caliming that both parties agreed to accelerate the contract to its end, which is detrimental to BMF shareholders.