If this is true, the whole case just got one notch more interesting. And IPO would mean that the company and it's business model would have to be vetted by lawy

If this is true, the whole case just got one notch more interesting. And IPO would mean that the company and it's business model would have to be vetted by lawyers and bank people, that's something someone with an illegal business model could not be interested in. So it could be cited as a fact that megaupload genuinely tried to have a legit (maybe shady) business.