Yep....Then allowed those stocks to trade publically for over a year after the “sale “ knowing they were no good ? Now thats a true real fantasy....That would be extremely unlawful...Think about that for a bit....I”ll go check to see if those shares are intact, uncancelled and safe...I bet they are....
The simple answer is it’s a private company so there is little we can say about its operations other than what it bought publicly free and clear of any liens and encumbrances, and of course, the legal letter promising they weren’t paying more.
I can see now you are just planning to use the purchasers private status to punt hope down the road, however bleak and illogical that may be.