Many questions remain unanswered., page-6

Why no CR at $4? Because according to the story they didn't need it. BIG had figured out a magic business model that virtually printed cash. The last thing BIG needed at that point was more cash.

As to the second question, there is no answer. Assuming the arrangement hadn't been found out, then it would depend on what FCC wanted - either call in their chits or let BIG dig a deeper hole. Now that it's being looked at we need to see what ASIC and the ASX think about it.

It is a curious question as to what will happen with all this scrutiny on the arrangement now. It's almost tapped out. With everyone looking will FCC make BIG pay up or will they give them more cash? I suspect the handshake agreement was made formal (and set at $20m) because FCC saw this growing and they wanted a way to stop it. The $20m ceiling gave them that stopper.

I'm also curious about the internal leaking. Whoever sent the email(s) to the AFR knew that this would punch a big hole beneath the waterline of BIG. Perhaps it was someone with a view to the impending $20m limit who knew that BIG was getting squeezed one way or the other. Still it's curious. Keep quiet and BIG could have spun a story about decreasing receipts or something. This way there's regulators and cops all over the thing. It seems much more consequential this way. I reckon there is still a whole lot of inside powerplay details to come out. Why this came to a head right now may be the next big AFR reveal.