Like a lot of people I have been following this thread. I do not have a dog in the fight as I dont own any of the pieces in question. I also have never dealt with JJ or Toni, to my knowledge. One thing I thought I could add is the 25,000 cardbacks and the figures needed. So I am guessing that there are multiple characters included in the 25,000 cardbacks. For simple math lets say that there are 25 characters so 1,000 cardbacks per character. Now it seems like the rumors of this deal are from the early 90's so that was 20 years ago at this point. So that means you have to find about 50 mint figures a year if you started with 0. And that also is assuming that all 25,000 have been sold. There still could be half of that amount of unused cardbacks waiting for figures still.
So Basically you would have to find about 25 or so mint figures a year to make this work. I think for a person who is a toy dealer as a profession this would not be difficult. I am an avid flipper on the side and have quite a few figures go through my hands in any given year. Not to mention back in the day when it was not actively collected I would think it would have been even easier. So from my point of view obtaining the figures while at first seems daunting I dont think would be a real issue, if you put some effort into it.
Regarding what actually happened I have no idea, but I do think it is possible to obtain the figures needed.
Todd