They specifically allow it now, and I don't think this article has to do with 47/8. They probably cannot transfer 47/8. There are other, smaller allocations in ARIN WHOIS; my officemate rattled them off out loud but I couldn't add in my head fast enough. Dig through WHOIS, it probably adds up to 666k.
http://www.merit.edu/events/mmc/pdf/2008_Stovall_ARIN.pdf
It seems as long as right holder is changed in the whoisdb... it seems fine.