It must have been demonstrated that the emails did exist and...

It must have been demonstrated that the emails did exist and therefore argued that the Court needs to test their validity.

The broker reports I have seen appear to be of the opinion that the suit has an incredibly low (but non-zero) chance of success.

So what could the outcomes be?

1. Case dismissed.
2. Partial win for MZN - KDR keep everything but pay costs and some penalty for misleading MZN in the emails (I feel unlikely due to the 7 month lag).
3. Win for MZN.

In the incredibly unfathomable circumstances that 3. happens (or even 2) I can only see the next step will be a long and drawn out appeals process. And the thing is there will be repercussions throughout the industry and the ASX itself.

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Caveat: not a lawyer, just some guy on the internet who would much rather drill rigs, excavators and trucks do the talking rather than lawyers.