You are correct. The court has ordered Dan to turn over the books and records. They have ruled the the shareholder meeting is presumed valid unless proven it isn’t.
I would expect Dan will file a motion to reverse the shareholder meeting due to the quorum requirement not being met as outlined in the most recent bylaws approved by the board, not sure why he didn't already do this? This will be very difficult for a judge to ignore as no court orders prevented the company from changing its bylaws at it sees fit and the petitioners failed to inquire if the bylaws had changed before calling their meeting.
As far as the asset and a first secured mortgage management you mention has supposedly secured, the asset was already lost to a similar first secured mortgage the same type you indicate has been secured.
This real property law fight is an entirely different legal fight coming here beyond Sarissa company control. The board of Noostar will have to stop RD Volusia from excersing it real property rights under the convertible note, in which the previous default and conveyance occurred.
Additionally RD Volusia has other default rights including default under a change of control provision to it. So at minimum the company will have to write a big check to RD Volusia.
This is likey to remain a mess for many years to come and eventually work on the property or cash will also be needed to hold the leases.
This is not close to being over but we should avoid a delisting, but the legal fights will prevent anything from ever happening here in the short to medium term if not forever.
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