I have never, ever had one of these, much less looked inside. That said, I think it works by the silver ring rotating to drive the shutter blades in/out via the pins that ride in a hole in the shutter blades. I think the limits of travel of the silver ring are offset from where they should be. In the first picture, it has been driven "too far" beyond the closed position, and the shutter blades are in a position they should never be in, with a gap at the outside. In the second position it is not far enough and the shutter isn't open completely.
This may be obvious to someone operating the shutter. But I think you need to look at the position of the driving ring; it's more likely that one ring is off than that you would need to move all four pivot points of the blades.