Reneging a Search Fund offer

Basically have an offer from a tiny search fund. (not OCR, only the founder works there and it is also unpaid) I interviewed with BAML but its been an entire month and after two followup emails, they still have not replied to me.

1) Should I assume BAML is not happening and just take this offer?
2) if BAML does get back to me, will reneging be a big deal?

 

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