- And once your lawyers have told you that you must not do something then you lose the ability to claim that you believe it to be OK. As if your lawyers strongly advise you on a course of action and you choose not to follow it they are typically going to ask you sign a statement that they advised you NOT to do what you're doing - so their ass is covered.
- He MAY be able to sell the code-base - as that isn't illegal. But obviously he's not going to even consider doing that until the exchanges are fully shut down.
Why can't he simply transfer everything to a different operator?
E.g. suppose it was a forum. One could transfer post database and forum software to a different operator, no formal sale is necessary: he is simply sharing information.
Things are more complicated because there are also balances, and transfer of money to other people has consequences.
But he could force everybody to withdraw all funds, then transfer database, and once new operator runs the server deposits can be re-enabled.
It isn't illegal to share trade/ownership database, is it? (Especially as ownership is already shared with asset issuers.)
Only transfer of money (cryptocurrency) is a potential problem.
As for LTC-GLOBAL investors, it can be informal agreement with new operator that he will honor their ownership. IIRC they only own 10% of exchange, so it shouldn't be the problem.
Disclaimer: IANAL and I'm talking out of my ass.