I was just going over the "Stand-By Committment" in the Rights Offering Document. You were spot on. The TIGs continue to impress me with their business acumen.
They in essence purchased an option on all the non-exercised Rights (resulting in an additional 2.65M shares that they've added to their holdings), for ~$706K. By declaring this a "fee", it's likely also a tax deductible item. In addition they've increased their holdings by more than 15% to almost 20M shares. Had they tried to buy 2.65M on the open market I would bet that they would have driven the price well past $7.
Many of my former students, who are shareholders of MPV, and hopefully financiers-of-the-future will no doubt remember this strategy, that they too may someday apply to some of their business dealings.
The next 2 - 3 years will now be very interesting (and rewarding) for those of us who are solidly invested and patient. I sure hope MLB convinces rdge to stay the course. :)