My opinion:
1. You should have taken the loss last year on the HSXI shares. You have documentation from the company last year stating not to trade the shares as they are worthless - which means you could have supported the tax loss last year. The new shares will be brand new shares to you and you have no tax basis until you receive them.
2. With pinks, there are few securities laws to break. Remember, most securities laws relate to reporting results, material events etc. Only possible issue here is securities regulators could potentially force them to go ahead and issue the shares. BUT since management is not selling their shares - i.e. they are treating everyone equally it may not be much of an issue. It would be different if there were shares trading, management was selling their shares, and we all were not able to do anything. So there is no "myriad" of securities issues they violated.
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