The warrants weren't trading when the judge made her decision. Appellate courts are bound by the record the company shouldn't be able to admit evidence not part of the record for the lower court.
As you point out the trading raises questions specifically since the stockholders agreement contains restrictions that requires anyone transferring stock to provide a legal opinion to the board stating the transfer will not result in the company having to report.
Lastly has anyone contacted the SEC and asked for an inquiry into whether or not the company has kept adequate records showing they do not have to follow the securities and exchange act?
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