Great work and thanks @Ryzie and @Thanky,
I had pretty much the same thoughts but had a few loose ends that your analysis seems to have tied up.
I too can see why the arrangement was not fully disclosed to the public. The most astute of people are having trouble getting their heads around this.
The bloke who devised this deserves a medal. Not only have they secured the finance they have also built up a library of customers and subscribers.
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