He's saying that the order to show cause identified a jurisdictional defect and "think about what that means."
The eternal optimist will think "perfect! It means Calasse lacks standing to appeal, it's over!"
The realist will think "why would he lack standing to appeal when the canceled shares were registered to him... Maybe the jurisdictional defect goes much deeper, which is a bad thing."
"Jurisdiction" has many meanings. Personal jurisdiction, subject matter jurisdiction, general and limited jurisdiction. In this case, the question is "does the court have jurisdiction (authority) to cancel shares of someone who wasn't under jurisdiction of the court?"