And, in the case of ISX (SP1):
Person C owns a near to worthless parcel that they can't yet write off, unless they can find someone to buy it from them off market.
The borrower has made money.
The lender (Person A) also holds a large number of worthless shares that they can't yet write off either.
Person B is the only one who made good out of this.
Who were they again?
That's right - the shorter.
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ASIC v ISX Hearing, page-2476
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