Regarding having to give the shares back, I don't think there is any rules that say they have to. There are untold examples of large shareholdings by another company, as long as it is public knowledge, and they are under strict rules about adding to their shareholding without publicly stating so first. A prime example of that would be with Sheridan's holdings in FNC.

If they could somehow get 1/3 of the shares they could effectively block any attempt of a takeover by third party and there may be some rules there while the company is in play, and it is definately in play.

Regards

K