There are statutes in the Federal Code that pertain to ownership stakes, constructive ownership of a family member's stock etc. There are also stautes and rules pertaining to the rights of minority shareholders including the right to examine the books of the corporation. Ishbias could have purchased Reinsforf stake outright and he has plenty of money to do that. Instead Ishbia is going down one of the typical roads that private equity investment investors often head. Some of those strategies include, for example, destabilizing the corporations financial status, even intentionally. For example, increasing debt dramatically and letting the whole house of cards fold in order to pick up the pieces later while giving the shaft to banks. There are several other strategies that Private Equity Investors can employ, but I am going to leave it to anyone interested in exploring that to do their own research.
My own view is that Ishbia is a corporate raider that is guided by one primary financial interest - his own. Can he be stopped? I don't know, but I hope so.