talking to some of the lawyers who are talking to other litigant lawyers the word is that they think the Australian Master Securities Lending Agreement wont stand up as a trading contract and there numerous problems with ANZs and Opes reliance on it as a trading contract and that Opes reliance on it only extended to the value of those share that it held in margin
the guy I spoke with says the litigant lawyers as a group are highly confident of challenging the validity of the master agreement for the purposes it was used for.
this is going to fascinating to watch play out the legal folks Ive spoken with are saying "watch this space" many of the earlier injunctions were lacking factual argument, the ones to come this week and next will have the benefit of more preparation time
this could easily cost ANZ and ML +100m plus in defense costs
