If the merger turned out to be an entrepreneurial error then Foxtel shareholders would have had to carry the burden. As it is, Professor Fels has been courageous enough to take the decision upon himself. Unfortunately, his courage did not extend to accepting the consequences of his own action. I doubt if there is any justification for Fels' claim that Optus could be forced to abandon its telephony commitments if the merger proceeded. That it has spent several billion dollars in total is, as he should know, irrelevant.
Bygones are bygones.
The cable has been laid, the commitments made. Optus has little choice but to continue. What is being neglected here that the cable network has no opportunity cost. That was sacrificed as soon as the decision was made to undertake the investment. This means that the network is literally costless.