All Good points Det.
I think that whatever the regs around share buybacks and retiring of the O/S given Meller's deal involving the possible conversion/cashing out, he will do whatever needs to be done to make the reduction in O/S happen, and I'm fairly certain that it can be arranged (I think involving some variation of your suggestion that a proportional number of shares must come from Meller and the rest from the open market).
That is an interesting issue, but overall, I think if they continue to work towards profitability, then a R/S should hopefully not have to be put on the table.
Let us know what you come up with on the buyback front.
Neo
Remember people to only play with the money your wife/husband/significant other won't disembowel you for should you lose everything if your stock goes the way of the dodo!
JMHO!