Abstract
For a given , , a Blaschke sequence is constructed such that every function , , having is invertible in the trace algebra (with a norm estimate of the inverse depending on only), but there exists with , which does not. As an application, a counterexample to a stronger form of the Bourgain--Tzafriri restricted invertibility conjecture for bounded operators is exhibited, where an ``orthogonal (or unconditional) basis'' is replaced by a ``summation block orthogonal basis''.
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