I don't think there'd be too many issues selling the bond. One...

I don't think there'd be too many issues selling the bond. One thing to note is the convertible note terms. They received a $1 million payment in April (so not included in the last quarterly) and will receive another million on Monday. That's your two million straight away. By the time that they start drilling SM74 they will have received another million and only have $3m outstanding; noting that it generally takes an additional 6 months to get into production (another 2 x $1 million payments). As far as extinguishing the convertible note liability - BYE do have the right to redeem, so that is always a possibility. On the flipside I can't see a situation where MEL would want to convert to shares, other than if they were anticipating a block sale of their holding.

As far as liquidating the BYE investment. I don't think that anyone would look to offload an investment of that size onto the market when dealing with a company with the liquidity of BYE. I'd expect an off market block trade, which would also allow MEL to exercise it's options as part of any sale. BYE looks quite attractive given it's pipeline of drills and tenements, so I can't imagine it would be too hard to find a buyer willing to pay a premium for the convenience of not having to force up the price via on market buying.

Interesting times. Hoping for a bit of a run up over the next few weeks, once ground work starts at Biv Peak.