What could be the downside of losing this court case?, page-4

I am not a legal eagle..

However I don't think your opening comment is fair; as you are preempting events such as registrar 'throw out' the case.

Thus far SPX has not disputed the basic facts; and there has been sufficient time for SPX to provide convincing response to its shareholders (which it has not done, and so a reasonable presumption is that it can't).

Thus far, there is no indication of intentional malevolence by VMC (other than annoying SPX shareholders who don't want a challenge); so I doubt that there is any basis of a counterclaim.