Opes Prime administrator probes Merrill mistake
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Merrill Lynch may lose its status as a secured creditor in the Opes Prime collapse because it failed to register a $2 billion charge over the stockbroker's assets, reports The Australian Financial Review.
According to the paper, Opes Prime administrator Ferrier Hodgson became aware that Merrill Lynch's charge might be faulty because the bank had failed to register it within 45 days, as required by the Corporations Act.
Merrill Lynch signed in October 2006 but was not registered until 12 months later, reports The Australian Financial Review.
In March this year, the US-based bank took a second $2 billion charge over Opes Prime assets, but it may also be declared void because it was not registered until March 28, the day after receivers were appointed.
Administrator John Lindholm told The Australian Financial Review he was getting advice on Merrill Lynch's secured creditor status.
Separately, ANZ spokesman Paul Edwards said yesterday the bank had sold off several million shares on Friday but that sales had slowed, reports The Australian.
Judge Ray Finkelstein is today set to begin hearing a case brought by Beconwood Securities in Melbourne.
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