The client isn't be disenfranchised at all. The Letter of Indemnity assures you that IF any value were to arise in the future from these worthless shares, that the value would accrue to your benefit.
"The penny stock investor may be the most dangerous creature in the investment world, at least to himself.[...]His hypocrisy becomes most apparent when he then blames his losses on the greed of others." Robert C. Dugan, Director - JRM Capital