Corporations also have a tremendous amount of flexibility on how to structure voting blocks, shareholder agreements, cumulative voting, staggered board elections, and minority shareholder protections.
Blu - which had asked for the licence auction to be suspended on Friday afternoon - has been embroiled in a shareholder dispute over the company's ownership structure and the likely cost of the new licences.
It will also resolve Xstrata's ownership structure in a way that I believe will create a superior shareholder value as part of a larger, more diverse company with an enhanced ability to grow and create value for its owners.