If he is scared about some government agency reguarding trading securities without a license then it makes sense he wouldn't ever send out the share info.
However, there is absolutely no reason to keep our BTC in the accounts hostage. I am waiting on ~30 myself. He obviously had some repayments on the extra coins, though he has yet to send any more out. What good reason is there to keep these coins? This is straight up theft.
Watching his youtube videos makes me sick. He was a real badass until the first sign of trouble, typical internet tough guy.
Nefario obviously cannot be trusted in properly managing a project like GLBSE, why would anyone think he can handle the funds properly. He was probably skimming bitcoins from GLBSE and now he is short of bitcoins for the claims process.