opes had no right to assign, page-18

A block away, Supreme Court judge Tim Smith, hearing Mr Choiselat's urgent application, deemed there were serious issues to be considered about the terms of Opes Prime's agreements with its clients.

Justice Smith hesitated when he read aloud from Opes documents how "the lender will lend securities to the borrower".

"At that point, I reached for the wet towel strapped around my head … if you understand, well I don't," he said. "In due course, when all is revealed, it may be as plain as day."

Justice Smith wished the lawyers luck in deciphering the documents.

Mr Choiselat borrowed $1.35 million from Opes and provided security of $7 million shares in Jumbuck, Q Ltd and destra. Some 16 million shares in Q Ltd changed hands as the stock dropped 1.1¢ to 1.5¢. About 6.15 million shares in Jumbuck changed hands.