If he does an R/S- they get sued. Shareholder value would be virtually nil - your sharevalue would not increase, it would decrease even further over time.
So an R/S ends the game one way or another. Legal action would doom the company as well. It would all be tied up in litigation. If shareholders go down, so does the company.
Shareholders would not recover anything in a suit, but the company would not move on either.
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