"BUT its very interesting about the judge allowing the NSS case to be presented before revoking the stock... (this is the first I've heard about it..."
It hasn't been clearly presented to you. The bankruptcy judge can't prevent the SEC from de-registering the stock. He has done 2 things. 1. Allowed a shareholder to try and make the case that naked short selling should be an issue that the court should consider in the bankruptcy case. 2. Denied a request by the Bankruptcy trustee to enter into a settlement with the SEC that would allow the SEC to de-register the stock.
I would suggest that item #1 has gone and is going nowhere. And the SEC action to de-register will proceed at some point without the need for either a settlement or any input from the bankruptcy judge.
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