wont happen as the bank loan will get paid off first at 100 cents on the dollar instead of buying back bonds at 10 cents on the dollar (which would be most prudent thing to do). Bank borrowing base is getting reduced, that is why asset sale.
go to web site and pull presentation for 4th Q. Nice slides. Of all the public traded asset managers in 2015, they actually gained assets and market share. Most lost assets. Somehting like $250B in 2015 went to ETF's while $125B left mutual funds.