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Routing certificates are simple. If HP "sells" (lends, leases, gifts, insert-favourite-transaction-type-here) address space to someone, HP issues a certificate (or set of certificates) saying that this is how HP wants the address space to be routed; the fact that the routes point to non-HP facilities is nothing that the route certificate verifiers can (or should) care about.
Ok, so money changes hands, and then what? ARIN obviously can't rubberstamp the title transfer after this week's public declaration against address trading, so the ISP in question will have to get the rest of the world to route it despite angry looks (or worse?) from ARIN. And forget about routing certificates, which should be deployed to some degree by then.
My $0.02.
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