The other option for Matt is to agree with the plaintiff and stop using the devise all together. That way he retains the cash position all to himself and select employees. Makes sense. They can't keep this schrade up to much longer anyway. We have been in the end game of KOOL anyway.
The second option is for KOOL to keep dumping all those authorized shares that you voted to allow them to exempt from the reverse split, and use those proceeds to pay lawyers, and new bonuses to KOOL execs for working so hard to defend the "company's" technology. If that hits the share price too hard, then bite the bullet, exempt and reverse again.