20% of 200k is 40k which is cheaper for you bc you get to keep 160k which is unfair considering that everyone else wants a refund,
Each share was worth (book value) 24.6/share.
This means that 20% of the total 10000 shares is 2000 shares.
2000* 24.6 = 49200 that he no longer has and instead the other shareholders get.
In total he would still have to pay the full dividends.
But 80% of the payments go to himself anyway
So he could for an example, pay it in 50k chunks.
50k dividends = 40k to himself and 10k to everyone else.
Then return the money he gained from the dividends to the company.
so, repeat that 4 times and then pay the remaining 46k dividends
So long as he can afford the total amount the shareholders get(other than himself), then he can afford to pay. Just might take a while due to paying in smaller chunks.