If you have a good Idea of how the ignition system works, then follow it through and find out where the power/spark quits working.
If not:
We know you have spark at the points.
Basically, how the coil works is that it is supplied 6v of power on the primary windings. Those are the outer two little terminals. Verify that you have 6v to the wire comming off the key.
Now what happens is (when the points are closed) the other terminal is grounded. This charges those primary windings with 6v creating a magnetic field. When the breaker points open, the 6v's is lost. Thus collapsing the magnetic field and inducing a high voltage spike into the secondary winding. That is the one connected to the coil wire.
So if you have 6v at the coil and spark at the condenser, do as jinman suggested and see if you have spark comming out of the coil.
The spark there leaves the coil and goes into the center terminal at the rotor cap. The spark is then distributed through the rotor and to the appropriate plug wire that should fire back out through the 4 outer terminals in the cap.
My guess is that you dont have any spark comming out of the coil. Because IF the points are sparking, that means the coil IS getting juice to the primarys.
I would say this very well could be a case of...your friend bought the wrong coil.
IF someone converted it to a 12v system, the OEM 6v coil wont work. And IF it is still OEM 6v system, just a standard $10 coil from NAPA is 12v, and that wont work either.
Good luck and please report back.