I'd say you get to keep 100% of the amount you sold them for,...

I'd say you get to keep 100% of the amount you sold them for, because you'd never have to (or be able to) buy them back!

In my view, it's too risky to do anything other than sell actual holdings at the moment:

CMQ loose appeal: administrator appointed immediately, shares suspended from trading until completely delisted. If you are holding or buying today you'll lose the lot.

CMQ win appeal: share price likely to bounce strongly, probably doubling and maybe even getting up to 30c. If you are short sold you'll cop a big loss.

If CMQ loose the appeal there is only one last avenue for appeal, and that is to the High Court of Australia. I doubt they have enough cash left to be able to mount such an appeal.