In your scenario, that would only make sense if the SEC also compensated BAM investors for the shares they purchased in good faith. Otherwise, it would be completely non-sensical and unfair to those people. I can't imagine anyone with any sense of right and wrong and fair play to approve such a course without fair compensation to those investors.
Flatcat is entirely correct when he states: "BAM, to some, may be sketchy. BAM investments were made in good faith. I expect the SEC would let their investments stand. It was described in detail to prospective BAM investors and they did nothing wrong. My expectation is that if there was wrongdoing on JB's part, his shares could be cancelled as if they were never issued. If that is what you mean by "retired" then I agree. "
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