I, myself am not looking to sell soon, but would recommend anyone looking to sell to call company as you suggested. Your number seems to be off by a factor of 100. $2.54/share sounds like what I've seen before. Wonder if someone made a math error (cents vs dollars?)
Would be interested in reference to DTC document you mentioned. Xcitek.com gives basis for various stocks. My free trial expired so cann't give you current value--but I recall it was quite high (>$2). US tax law generally values a distribution at market value on the date of spinoff. Don't know how anything lower could happen.
I tried sending question to MFC through mfcbancorp.com website on this point, but got message rejected as invalid recipient...
I got my information from Rene back in 2002. Also, the DTC document that describes the transaction that I have confirms that $0.02542 should be used as the cost basis. I would call Rene if you doubt.
Also, as far as I understand it'll be slightly different from the BE spin-off, as BE will be a tax-exempt distribution.
BTW, when exactly will it happen? MFC's General Statement of Acquisition of Beneficial Ownership form states that we should get BE on the tenth business day of BE filing form 20F which looks like happened on 12/17/04. If my calculations are correct. We should see BE in our portfolios on 1/3/04. Is that correct?
Mymx is worth so little that the tax loss is worth far more than the stock if you owned it since the spinoff. It is a highly speculative stock which will most likely become worthless. There is a small posibility of big payoff if some of their drug research is bought by a major drug firm. Without revenue, or reasonable prospects for revenue in near future, there is no way to perform any reasonable valuation.
Bottom line: IMHO, sell if you need a tax loss this year. Otherwise, it is relatively illiquid. Selling would result in a major commission if small shareholder and major price drop if a large holder. Since the value of my MYMX shares is so miniscule, I have chosen to hold for now.