Byron discovery, page-22

One thing that an in specie distribution of BYE shares would do is bury the TO offer .
MAY is after the cash .It would have little interest imo in MEL's other assets .

As the SP is entirely supported by the value of the BYE holding the shares would be better in the hands of MEL's shareholders .
The rest of MEL would still have some value , thus value for MEL's shareholders would be created and the Predator would go away .

The Predator would end up with a lot of BYE shares but not enough to have any influence in the much larger company .

If MEL waits around until a decision is made on Beehive and that decision is that is to drill by the JV or even a good farmout in Cuba the likely spike in the MAY SP could spell the end of MEL .

Might not be a bad thing for shareholders but given the history I doubt it would be much liked by the MEL board .