It does depend on any vesting conditions applicable at the time the loan shares were issued. I don't have access to that data so can't comment on whether any apply.
Personally I think it stinks - a zero risk play for those issued the loan shares as they were just able to walk away but would have happily taken any gains but legally these things are usually covered by T&Cs..
REGULATORY BREACH ON WHA LIMITED RECOURSE LOANS CANCELLATIONS., page-2
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