Exchange GNBA for ownership in "Groen Aeronautics Corporation".
The holding company GNBA, has no assets, technology, intellectual property or prospects. Only GAC has any value.
See if you can get your GNBA exchanged for GAC shares with the threat of a class action etc.
He's not likely to have any money that you can go after, but he may be willing to exchange the shares in order to sidestep/avoid the paperwork and headaches that come from protracted legal battles.
My guess is that he has a ' personal pride' riding on GNBA and is likely not to want to file bankruptcy. Maybe you can offer him a face (and ego) saving way out by winding up GNBA and issuing GAC shares.
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