Dear Lawyers of Cyprus, Instead of getting pointless injunctions to preserve the existing Bank of Cyprus shares (that are worthless in all future scenarios), spend the time to figure out how to block the ELA transfer from Laiki to Bank of Cyprus which will preserve a few Billion euros worth of deposits.
It is hard to imagine how it is constitutional to force the liabilities of one private company onto another private company (while simultaneously stripping both company's Greek assets), just because the CCB/ECB does not want to recognize the reality that it has a loss on its hands due to its extension of ELA to the obviously wildly insolvent Laiki (which it extended in direct contradiction of its own regulations and policies). Just in that one sentence, I can see three possible areas to attack this move.
Note: I understand that the Government of Cyprus backstops the Cyprus Central Bank and would become liable for these obligations. Obviously the government will have to extend the maturities of these obligations and/or otherwise negotiate an approach. But at least that is a negotiation between two parties that have some ability to negotiate, not an asset grab from powerless retail depositors.