It will be interesting what any judge who sees sisu's paperwork will react. When you bear in mind that sisu (specifically Joy herself) has been described in court as having a memory that is at odds with the facts if he is being generous by the judge presiding over the case (I para-phrase, but the quote is out there in the ether).
Whilst even if sisu manage to get the loan declared illegal (I doubt very much it will be accepted - but has to be at least considered as a possibility), there is very little reason to believe that sisu can automatically get their hands on the loan. Yorkshire Bank have already sold on the debt to the council, and no doubt as the Hoff is something of a big wig in the banking world, I'm sure he can work some magic if needed.
I'm sure all the council will have to claim, is that the arena was part of a re-generation package (in the first case), as it is not just a football stadium, but an exhibition centre, and for a time a gym! I really cannot see how this can end well for sisu, because no doubt that if sisu are now saying holdings and ltd are the same entity, then no question ACL will simply re-issue the administration order against holdings if required.
Whatever happens, this is NOT going to be resolved before that start of the season, which will mean it is going to be a terrible season AGAIN. Which ultimately as a fan is the real tragedy!