Illegal implies it was against the law, and presently we still do not know if GLBSE was against the law in any jurisdiction.
There is no legal weight to the argument that Bitcoins = Get Out of Jail Free. The securities themselves are regulated regardless of what they are traded for.
Again, I don't see the logic in the accusations; theymos (et al) were very straightforward with what was being sold and why they were selling it.
No, they were not.
So you admit that anyone intending to buy knew what they were going to be purchasing. Thanks
No, folks here do not realize what Theymos did, that the illegality made the shares worthless. You yourself, in fact, just acknowledged you do not accept that fact. Theymos does, which is why he dumped the shares on the rubes and knew to get out as soon as the authorities were involved.