as far as I could tell, it creates a flag with the public key (bitcoin address) based on whatever is sent to their multisig wallet. as long as you own the private key for the bitcoin address you sent the funds from, which should be automatic with an HD wallet, you should be able to sign the tokens to be released and sent to whatever other public address you want.

it was confusing for me as well, but I would bet this friend 'Jon' didn't lose it, based on what I could gather.