I'm attempting to load the resulting swf of a swc build manually. Due to my particular environment, we have a need to segregate class definitions into swcs (where it makes sense) to remove redundant code from output swfs.
In a nutshell, I'm defining a class (LibA) in a swf that I'm building with compc. I'm compiling it both into swc and directory formats so I can easily extract library.swf from the directory to load at runtime (external linkage) and use the swc to compile out from any swf's built either with Flash CS5 or mxmlc.
LibA.as:
package
{
    public class LibA
    {
        public function LibA()
        {
            trace("*** LibA()");
        }
    }
}
Main.as:
package
{
    import flash.display.Loader;
    import flash.display.Sprite;
    import flash.events.Event;
    import flash.net.URLRequest;
    import flash.system.LoaderContext;
    public class Main extends Sprite
    {
        private var self:Main;
        private var context:LoaderContext;
        public function Main()
        {
            var l:Loader = new Loader();
            self = this;
            l.contentLoaderInfo.addEventListener(Event.COMPLETE, function(e:Event) {
                self.addChild(l.content);
                var liba:LibA = new LibA();
            });
            l.load(new URLRequest("./libs/build/liba.swf"));
        }
    }
}
I build the swc/directory swc with
compc -output libs/build/liba.swc -include-sources libs/LibA.as -debug=true
and I set the appropriate linkage in AS3 settings in Flash CS5 when building Main (class linked directly to the stage).
Everything publishes without an issue.
However, at runtime I get VerifyError: Error #1014: Class LibA could not be found. 
What am I missing here? I want to be able to load and use classes defined within liba.swf from my Main.swf.
Full trace dump:
verify Function/<anonymous>()
                        stack:
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  0:getlex 4
                        stack: Main?
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  2:getlex 7
                        stack: Main? flash.display::Loader?
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  4:getproperty content
                        stack: Main? flash.display::DisplayObject?
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  6:callpropvoid addChild 1
                        stack:
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  9:findpropstrict LibA
                        stack: Object
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  11:constructprop 10 0
                        stack: *
                        scope: [global Object$ flash.events::EventDispatcher$ flash.display::DisplayObject$ flash.display::InteractiveObject$ flash.display::DisplayObjectContainer$ flash.display::Sprite$ Main$ Main Main] 
                         locals: Object flash.events::Event? * 
  14:coerce LibA
VerifyError: Error #1014: Class LibA could not be found.