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
Market Data 
Markets 
AI
