This excerpt taken from the BLK 8-K filed Dec 17, 2007.
3. Subsequent Event
On June 26, 2007, BlackRock, Inc. (BlackRock) and BAA Holdings, LLC, a wholly-owned subsidiary of BlackRock, entered into a definitive asset purchase agreement with Quellos Holdings, LLC, the majority owner of Quellos Group, LLC. Pursuant to the agreement, BlackRock acquired the multimanager investment fund businesses of Quellos on October 1, 2007, through the purchase of certain assets and assumption of certain liabilities of Quellos; such businesses comprise a significant portion of the Companys revenues.
Effective October 1, 2007 in connection with the BlackRock transaction discussed above, substantive kick-out rights were granted to the unaffiliated limited partners or members of most Quellos funds that are limited partnerships or limited liability companies that enable the partners or members to remove the respective general partner or managing member with a simple majority vote.