In theory yes you can drive thru a red traffic light but is that a wise thing to do?
The conservator stepped into the shoes of BOD (and so the shareholders,) and because they did not do what they should have done we have the lawsuits, so yes in theory they again could do something out of their conservator statute or even not act in the best interest of the shareholders (on which they received consent) but when the 3th amendment is ruled illegal the contract becomes voidable, and the new issued shares need to be withdrawn because they again did not what they should have done in the first place, act on consent received
It's not up to me to decide on the issuance of new shares. Nothing would prevent them from doing so, whether in conservatorship or not. I agree shareholders feel mistreated but that doesn't mean legacy holders can't be offered a rights offering or warrants, even thought it is not required, but it would be a good gesture. Although, there is nothing that requires the BOD to treat legacy share holders favorably. The board doesn't have authority to do much without the consent of the conservator.
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