please explain it to me. For example, what happens if someone claims they held the asset but the asset issuer claims they weren't on the list? This could be resolved if GLBSE was actively participating or had made the lists cryptographically verifiable. But so far as I know, there is zero participation from Nefario/GLBSE.
Easy: just start paying back who is on the Nefario's list if you want be honest and consistent with your promise and past behavior. Who is not in the list, and say he should, can try his best to get things fixed with Nefario in order to get paid later, or just call the cops (the best option for everyone in this case imho). But using such cases as a pseudo-excuse to steal the assets of the most of your investors is just lame.
Not to speak about deleting the original contract from his opening post and try to negate the content of his OP later, or forcing his investors to commit crimes testifying officially falsities while shifting his personal responsibilities to a phony LLC, etc.
Anyway, it does not matter any more. No one can seriously expect to get anything back of their GLBSE investments beyond maybe some crumbs of single-digit percentage points in the most fortunate cases. Another lesson learned the hard way.