Morningstar $2.10 valuation, page-70

You've tried just about all of the possible combinations and permutations with me - a discount will apply; a discount won't apply; they'll sell stock to the market; they'll sell stock to their clients; they'll do a combination of these; they'll take the stock themselves on their own books; it isn't viable - and still you are none the wiser.

Here's a radical thought.

Why don't you contact the architect of this grand scheme and ask them how it will work in a practical sense?

Hopefully they will know.

Because, as I have said, based on the way I have seen these things work, this one is not workable in MSB's case (well, it can be made to work, but only at great expense to the share price.)