  It is unclear how to restructure ownership when an asset is privately held,
and there is uncertainty about the owners' subjective valuations. When
ownership is divided equally between two owners, a commonly used mechanism is
called a BMBY mechanism. This mechanism works as follows: each owner can
initiate a BMBY by naming her price. Once an owner declares a price, the other
chooses to sell his holdings or buy the shares of the initiator at the given
price. This mechanism is simple and tractable; however, it does not elicit
actual owner valuations, does not guarantee an efficient allocation, and, most
importantly, is limited to an equal partnership of two owners. In this paper,
we extend this rationale to a multi-owner setting. Our proposed mechanism
elicits owner valuations truthfully. Additionally, our proposed mechanism
exhibits several desirable traits: it is easy to implement, budget balanced,
robust to collusion (weakly group strategyproof), individually rational, and
ex-post efficient.
