Ann: Decision of the High Court, page-40

Many investors and fund mangers avoid stocks where there is litigation. This is on the basis that the uncertainty could be costly (loss) or a 'wind fall' a significant gain. When a share like PPK is beaten down, the probabilities start to suggest there is upside, if the company is a winner in the litigation. Some think the worst but maybe the outcome is not quite as bad.
As posts on these threads show many / most holders do not understand the rules of the litigation game. Even less are able to form a view as to the probabilities of the outcomes and the effect of the company.
So 'Friendly' may not be a shorter (as he says). In this case maybe he is looking for upside. But this is my conjecture.