Missile Parry is a separate, distinct action, not part of a melee attack. Being separate, and because it requires declaration at the beginning of the round, it would be resolved first. Then you would start calculating for your melee attack if you are going to make one.
Thus, you can make a missile parry, and use any portion of your OB that you want.
Then
IF you decide to also make an attack that round, your OB for that is modified by -50 (because that is all the activity you have left), and by the amount of you OB you moved to DB against the missile.
The remainder is your
usable OB for this attack. And that usable OB is then split between attack and parry normally.
Now, the rules don't really go into what happens if modifiers reduce your usable OB to a negative number.
So, in Vroomfogle's example, the character is left with a -40 OB, and that would be accurate. Whether or not he can actually make an attack with a negative OB is beside the point, and left up to the GM, as I don't think RM actually says you cannot make an attack with a negative OB.
The order of the steps would be as follows:
1) Declare action before round (and since you must declare the Missile Parry before the round, it will resolve first and foremost).
2) Resolve Missile Parry (i.e. how much of available OB are you putting into the missile parry -- at this point, you still have full OB available because you have not declared an attack nor put any of your OB into DB). Since this action only requires 50% of your activity for the round, it allows you to do other things once it is completed.
3) Declare your next action. If this is an attack (an action that requires 50%-100% activity), you only have 50% activity left, so you automatically get a -50 modifier. Since you also used some of your OB for the missile parry, that amount gets subtracted as well. The remainder is your usable OB for this attack, and you can split it between attack and parry however you wish so long as remainder is a positive number. If your remainder is negative, you can still make an attack (RM has no rules against attacking with a negative OB), but you cannot parry with a negative number.
If you go back and read Vroom's example, he didn't say anything about parrying with that -40.
Again, don't have AL in front of me. . .I think in the "offensive capabilities" section you might impose all penalties to get your OB. . .and then you split it. . .I think activity and +/- "other items" is on that table.
For the
melee attack action, yes. But the missile parry is not part of that, it is a separate action, that siphons off your OB prior to the start of a melee attack action. Missile Parry is not part of an attack action.