As others have said - FAR may have a case  - which will come to...

As others have said - FAR may have a case  - which will come to a conclusion- eventually.

They are obviously pursuing this because they believe to be in SH interests. 

From an outsiders perspective and IMHO I think it looks very much legally tactical on FAR's behalf and probably because FAR wasn't able to fund a PE or engage meaningfully in a process - so sat quietly and argued at 11th hour  they weren't given enough information , proper notice etc.

It also seems that if COP are saying PE didnt exist -that is almost an indirect admission that they perhaps didnt give compliant  notice-because they believed they didnt have to.

Reading FAR's statements there is obviously a question as to whether PE exists NOW also.This opens up the possibility that it did but the period has expired and does not exist now.

So it would seem there is the possibility if it did exist it probably wasnt offered compliantly, and FAR took a legal position claiming they were therefore never offered.

Just speculating now there may be a determination that there was an offer, albeit not compliantly, and compensation is due to FAR, rather than reversing the transaction. If this is the case perhaps FAR would need to show if it was offered , would they have exercised- and how they would do this.