MEL should distribute the entire BYE position in a tax-advantaged manner ASAP and then pursue a CR for any incremental funds required for their two Aussie projects.
Therefore, MAY gets their share of BYE which they can sell in order to keep their lights on, while the rest of us can make our own decision as to whether we want to stay invested in BYE.
Also, once the BYE shares are out, there will be no need to fight off raiders looking to arb the holding.
Finally, a CR gives those who support the Aussie projects and management's capabilities the opportunity to increase their ownership stake versus those who choose to not take up their rights and will therefore be appropriately diluted.
The only real issue in my mind is how to make the distribution of the script tax effective.
Ann: Form 604 for BYE, page-4
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