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My bet is that is quite unlikely. These folks are neither neophytes, nor stupid - and they have attorneys of their own. One can 'name' anyone in a lawsuit one wishes. Keeping them named on the suit is an entirely different matter. Unless one can show why the individual named is not acting properly in his/her capacity as (say) a board member, their personal assets are safe. No different there than here. Only if the individual acts outside of such capacity would they have engaged in some form of tortious conduct.
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I think that is the basis of the claim. By taking no action but claiming they might they are damaging COG and through this action they have a board member that stands directly to gain. The other battle in the court of public opinion will hurt GWI where it hurts in the donations and fundraising. I don't think Glendale will press the claim, what they want is a declaration one way or another on a position so they can get the bonds sold. I would not be surprised if all of the sudden Hulsizer comes in with an additional 30m or so and drops the debt to 70 and then both sides (COG and GWI) declare victory.