"It doesnt seem right that the company can 'give' your employment to MAM? "
They cant!
However, I think MAM will be offered as an option for those who wish to leave the base, but continue to fly! It would probably be a single interview as a formality! Similar situation to those who were on the hold list with AO last year.
AO has no transfer rights into QF and as far as I know, from what I have read of your EBA, the "Transmission of Business" clause only provides a permanent positon in similar role IF there is one available. If QF did offer transfers it would only be a limited no. of permanent positions, but they would have to satisfy their own obligations to career progression from Jetstar and the regionals, who do have transfer rights!
Basically your EBA leaves you with your hands tied and QF in a position where they have no obligation to any on the crew!
As I said before, it is such a shame, because the people I have met from AO are all very professional and committed to the company. I wish you all the best of luck and hope that it is a positive outcome for each and every one of you!