RE: An accountant in the house that can explain? It's a concern. Yes the exchange 'approved' the cancellation of shares etc. However even if the case had no merit and was dismissed by a judge once it got to court, it could still be a huge time and cash sinkhole.
I'm sure that there are a number of sharks - sorry - lawyers who would gladly take this on, for a possible cut of couple of million shares. These people at Moag do sound a little desperate. HBK does not need a nuisance suit at this point in time - which is what it would be.
And an uninformed / timid judge might well consider an injunction for a halt in further activities until this was resolved in court - best interest of the shareholders etc.. Darn. HBK better get on the ball fast, and on the phone to the lawyers even faster. Cut throat business indeed.
Not trying to be overly negative, just realistic.