That's what it looks like to me too.
I am flabbergasted that the judge would go so far as to even entertain the idea that the legal transfer of legitimate funds from one entity to another, and another legal transfer of equally legitimate funds from the second entity to the first, can be construed as an illegal transaction when no law existed at the time of the transactions to make even the linked transactions illegal.
I don't even think such a law even currently exists.
I'm not even sure if the Democrats are even aware that they're endangering their entire financial structure for their party. Unlike Republicans, the Democrats rely heavily on corporate monies to offset their lack of fund raising capability in rural and suburban areas. Democrats will be hampered by this new interpretation in their ability to shift funds from their urban strongholds to the rural, conservative areas.
As for Republicans, since individual giving is a conservative strength - raising funds in urban areas will be tougher, but not necessarily impossible, and it will certainly be easier than for Democrats raising money outside of their usual haunts.