As there's not way to distinguish shares from an i

As there's not way to distinguish shares from an illegal conversion from shares from a legal conversion or the ones directly sold by the company, and any shareholder could have a mingle of them all, my approach/suggestion would be to handle them as naked shorts. At the end, that's what they are. Somebody sold shares that were not really there and those shares need to be covered.

IMHO

Always, always do you own DD. Only invest funds you can afford to lose and trust nobody but yourself.