Warclad

🦋⚖️ $MMAT / $MMTLP — Meta Materials Inc. ⚖️ U.S. Bankruptcy Court, District of Nevada 📄 ORDER ON MOTION TO QUASH 📅 Filed: May 27, 2026 ⚠️NLA 🚨 BIG PICTURE — WHAT JUST HAPPENED? Judge Gary Spraker just issued a MAJOR ruling against: 🏢 Citadel Securities 🏢 Virtu Financial 🏢 Anson Funds These firms tried to QUASH (block) the bankruptcy trustee’s subpoenas seeking trading data tied to: 📈 $MMAT 📈 $TRCH 📈 $MMTLP The Judge said: ❌ The subpoenas are NOT being fully thrown out. ✅ The trustee CAN obtain important trading records. ⚠️ BUT there will be strict protective-order limitations. ⸻ 🧠 LAYMAN’S TERMS The trustee believes there MAY have been market manipulation or wrongful conduct connected to Meta Materials trading activity. The trustee is trying to determine: 🔍 Was trading activity harming the company? 🔍 Did it impact fundraising? 🔍 Did it damage the bankruptcy estate? 🔍 Are there potential legal claims worth pursuing before statutes expire? The Judge basically said: “The trustee has the right to investigate.” ⚖️ ⸻ 📌 THE COURT EMPHASIZED RULE 2004 IS VERY BROAD The Court repeated that Rule 2004 examinations are basically: 🎣 “Fishing expeditions” 📂 Broad investigative tools 🔎 Used to uncover wrongdoing or estate assets The Judge cited multiple cases saying trustees can investigate third parties to determine whether wrongdoing occurred. ⸻ 🚨 HUGE PART — THE COURT ACCEPTED THE TRUSTEE’S THEORY ENOUGH TO ALLOW DISCOVERY The trustee identified: 📊 11 separate “events” where Meta or Torchlight allegedly: 💰 Sold treasury shares 📉 Issued dilution 📈 Raised capital 📄 Issued warrants/acquisition stock during periods where the trustee claims trading manipulation may have affected pricing. The Non-Parties argued: ❌ “Meta wasn’t actually selling into the manipulated market.” ❌ “The trustee lacks standing.” ❌ “This is too speculative.” Judge Spraker was NOT persuaded enough to stop discovery. 👀 ⸻ ⚠️ VERY IMPORTANT — THE JUDGE DREW A LINE The Court said: 🛑 This is NOT the stage where the Court decides whether Citadel/Virtu/Anson actually committed wrongdoing. Instead: ✅ The trustee only needs enough justification to INVESTIGATE whether viable claims might exist. That distinction matters A LOT. ⸻ 👀 THE JUDGE ALSO SHOWED SOME CONCERN This part is important. The Court acknowledged concerns that: ⚠️ The trustee’s special counsel is involved in OTHER securities litigation against Citadel and Virtu. ⚠️ Rule 2004 discovery cannot simply become a shortcut for outside litigation. ⚠️ Discovery should benefit the bankruptcy estate — not unrelated lawsuits. So the Judge imposed guardrails. ⸻ 🔒 PROTECTIVE ORDER INCOMING The Court ordered the parties to negotiate a STRICT protective order. That order must: 🔒 Limit use of produced data -THIS bankruptcy 🔒 Limit use to trustee-related litigation 🔒 Restrict dissemination of data 🔒 Restrict access to trustee + approved professionals only 🚨 RESPONSE DEADLINE: 📅 June 18, 2026 — Protective order must be submitted to the Court. ⸻ 🚨 BIGGEST DEADLINE OF ALL 📅 JUNE 25, 2026 The Judge ordered Citadel, Virtu, and Anson to PRODUCE: 📊 Market-wide trading data 📈 For the 161-day schedule identified by the trustee 📂 Under the Rule 45 subpoenas unless modified by the protective order. That is the MAJOR headline here. 🚨🚨 ⚖️ WHAT THIS MEANS PRACTICALLY The trustee now gains access to a significant amount of trading data that the Court believes may help determine: 🧩 Whether viable claims exist 🧩 Whether wrongdoing occurred 🧩 Whether the estate suffered damages 🧩 Whether litigation should be filed before limitation deadlines This does NOT mean: ❌ Anyone has been found liable ❌ Manipulation has been proven ❌ The trustee automatically wins anything BUT… ✅ The investigation survived. ✅ Discovery survived. ✅ The Court largely sided with allowing investigation over shutting it down. SIGNIFICANT legal victory for the trustee!

South Korea bans Naked Short Selling South Korean market triples Amazing what happens when the cost of breaking the rules outweighs the profit.

This is huge!