When you create a corporation (aka guild, free company, etc.) in EVE 1k shares are created by default (you can create more, not everyone does). And this corproration hadn't, so if you have 1k share you own every share in the company (and thus have complete control over the company, if you choose to excercise it).
Now, nany corporations don't really care for the share mechanic, and just leave the shares in the posession of the founder, or place it in a locked down corporate wallet. But somehow "Flam Hill" got all 1k shares in this company. They refuse to say how. Some people suspect the original founder of the company quit EVE while still holding the initial 1k shares, in which case Flam Hill is likely the founder, or someone who obtained the account from them. Or perhaps they were a company officer who got access to the wallet and took the shares, etc.
Which means all the writing about how the directors were AFK or whatever is just window dressing. Flam Hill owned 100% of the shares, and thus could do whatever they liked with the company. In other words, there isn't really any obscure rule here or clever tricks. Or rather it is, but it all happened off screen, because the only thing that matters is how Flam Hill obtained control of the shares; once he had it, everything else followed.
It's as if Elon Musk wrote something about how he obtained control of Twitter by the clever gambit of walking up to the HQ carrying a sink. Actually, he obtained control of twitter by buying all of its shares, at which point he could do whatever visual puns he liked because he owns the company.
How come Flam Hill owned every share in the EHEXP? There might well be a fascinating story there of intrigue and theft and betryal there. But this story is just about the boring stuff that followed.