In Modals^x, Rugby^x

1. 'The modal 'may' can roughly be translated to mean "there is a possibility that".' If 'may' contains 'is', does that 'is' not denote present-ness? I'm afraid I will have to be abit technical; my apologies if it puts anyone off. The translation of "may" is actually a logical one. In formal...

Thank you, eq! I find your answers very interesting. I have one or two questions: 1. 'The modal 'may' can roughly be translated to mean "there is a possibility that".' If 'may' contains 'is', does that 'is' not denote present-ness? 2. '...if you had uttered "Last week, I might have gone...