IMO, you are 100% wrong, the holders of any illegal NSS positions that might be uncovered would have to man up and cover before the closing date of a proposed merger-buyout. It's not a option to have a legal business deal broken up due to uncovered illegal broker activity. I'm just guessing, but I don't see a merger or buyout being discontinued if illegal NSS activity is found in a NOBO, but I do see shareholders getting RICH-QUICK as the merger closing date approached....
I have read many KMA updates that mentioned mergers and or parterships in the past,,, So, IMO, Tic-Toc, Ya, Tic-Toc.
Had the NSS position you speak of be proved, it's likely no buyer would be interested in continuing with negotiations. Too complicated, too much risk. It'd be up to Reid to resolve the problem