are these people guilty, page-44

Black,

not sure if you are right, I think you were obliged for the 2nd installemnt on the Telstra's, the difference was there was value in the contibuting share and hence that was on sold to investors who paid that second instalment owing. The intial holder got a discounted 'fair value' for that sold instalment.

The difference here is there is no value in BCSCA and can not be on sold at a discount as the second instalment will trade at a significant discount after payment is made.

Almost need to be able to sell BCSCA at a negative on market to pass on the obligation - i.e. sell at minus 15c and payaway funds to remove the obligation.