I'm hopeful that my take on this is right.....
I have the feeling that the reason for the legal counsel, is to address the naked short issue up front and legally, there is a great possibility that if UC wants to take CMKX private, that he and legal counsel could negotiate a settlement regarding the naked short issue, therefore an offer could be made to take the company private before word of mouth and short covering drives the pps through the roof, likely at a price that UC couldn't afford.
The above-mentioned would allow MM's to exit the scene healthily spanked yet without fighting in the dirt (which if they're in deep enough, dirt will happen).
Other reasons could be, of course, to move CMKX to another exchange, or just to force naked short covering, so that UC knows what $$$ he has to work with.