It was my understanding that he was restricted from selling his shares until 6 months after an IPO.
He may be restricted from selling for 6 months. But there may be insurers willing to provide a 454 million bond if he puts a portion or all of the stock in escrow with them until the appeal is completed. The stock might decline in price but when the initial objective stock market valuation is 7 times more than the face amount of the bond, insurers would be more prone to consider issuance of the bond.
If he offers his shares through the S-1 (or S-3) as part of the IPO, all is good.
It is really a matter of disclosure.
Yes, but, apparently, not pledging them to secure a loan.