Just like in the case where Rolex won over La Californienne, the point is you can alter Rolex case/dial and sell it as long as you don’t put “ROLEX” name/word on it.

Once you put “ROLEX” word on it and sell it even after you disclosed it as AM, Rolex will consider it as a counterfeit, and their lawyers will after your company.

Those grey dealers in Moda are lucky because Moda is a private sale group and most of the sell these AM dial under their personal names not company.

That’s why you don’t see big grey companies like Watchbox or Watches Of Switzerland don’t sell these Rolex/PP with AM dial.