Spencer and shareholders both have grounds to sue the Wallace estate for fraud and unjust enrichment if those shares were sold on the open market. That's why they are restricted and GOSY has refused to lift legend.
I agree. Hence the federal lawsuit.
The original investment was in the ISHO shell, not in GOSY. That would be a mess convincing the IRS.
The original investment was lost when spencer backed out of the ISHO deal. The purchase of the shares for the judgment is a simple accounting function. She pays capital gains on any amount over her basis.
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