The price of the original subscription was Euro 207m. There was an agreement to that effect. The cheque bounced. It is completely possible that the company could have been contractually protected (ok against a shell but at least one that has the placing funds).
Also, as recently as 6 June 2005 the company agreed to buy a CD from Crown Pharma for a price. There was a written agreement. If I was buying something for a few hundred million $ I'd have warranties. Wouldn't you? The price was paid with listed securities with a value. What was received in return? I do admit this could be a bit of a weak arguement considering the company put the CD in Crown Pharma in the first place but nontheless this is an SP era contract unlike the original one and should have had the appropriate protection for existing shareholders.
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