This is as good as fighting without any gloves. They are saying that the knuckles will be exposed. Then what is the use in going for gloves? There will be a lot of facial damage and blood everywhere. BTW, I just checked the odds for this fight. And here they are:

Sportsbetting.ag: Artem Lobov +220, Paulie Malignaggi -280
MyBookie: Artem Lobov -180, Paulie Malignaggi +140

This is very confusing. Two different betting sites, and they have very different odds for the fight.