No spark slant points &condenser

Stumped on this one. I think I’ve narrowed down the problem but don’t know how to fix it. Have 12 volts to coil on both sides even when points closed. Distributor seems to be grounded ok, so why is the voltage not dropping on negative lug when points close? I have 12 volts also on lug inside distributor where condenser hooks up so my lead wire there is good.
Bad distributor?
Have replaced points, condenser, and coil.