There can't be any takeover, hostile or otherwise,

There can't be any takeover, hostile or otherwise, that's why management controls so many shares, to prevent it. Plus being incorporated in Nevada or Wyoming, or wherever, makes it double hard, they are takeover unfriendly states.

The buyer of the shares got them at a discount knowing that a r/s was in the making? In other words, the insiders knew that the share price was about to take a plunge and this was a way to unload them before that. That's what they got in return, not losing as much.

Meanwhile, they buyer (I'm guessing Sycamore) got the shares cheaper and won't be burned as much during the r/s process and immediately afterwards. So, a win-win for all involved, but not so much the regular shareholders.