I would be surprised if Rex sells less than 2M shares,(the 2012 loan),but it could easily be another 3M which would cover the 2013 and 2014 loans,if the board actually require him to repay promptly.(yes I am assuming he wont put his own money in).The question then becomes,when will the board require Paul to pay his arrears? If Rex selling drives the price down to around 80M cap,then I'll buy back some,unless Paul has also started liquidating,in which case I will have the bids somewhat lower.
