This article says Blumberg told them about the second $100m hole
This is not in accord with my memory of how ANZ said events unfolded
It was a workout ..the Organised Norm Seckold to be let out (95m)
And arranged a secured charge ..for $95m (which i am still uncertain whether it was cash or the price of letting NS out..and established a $800m charge
then discovered the second humdred Milion hole..thus Administrators then a few minutes latter Recievers
If they were aware of the Total 200m problem ..it doesnt look good from ANZs perspective
All actions inc Adjustments to the Amsla could be voided
ANZ would need to disgorge according to the paper $300m ..Merrils and Dresdner $100m
Plus ANZ officers might be in a very sticky wicket with ASIC
Overiding this is the claim of Beneficial Ownership to the Clients
Why arent the Administators pressing this as their primary argument?
ANZ Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)