m.west on anz, page-36

While Opes clients may feel emboldened by the news of recent days and espouse full restitution of shares, etc...it is worth being mindful that the ANZ/Merril/Dresdner group were not the people who created the hole. Yes, they were ill-judged in their actions and the execution of them massively compounded the situation, but there was a hole there not of their doing.

If we do the numbers there is not 100c in the dollar, thus it is unsound to declare i want the full amount back. Say it is 85-90c then we all (banks, clients, suppliers,...) take a pro-rata hit for dealing with Opes. No favourites, but equal share of the original damage.

Another point that I think needs to be made - is that those who have joined class actions need to be aware that there is a conflict of interest for those lawyers - in that they will get no return if the matter settles at the DOCA stage. That is, they won't get their 15-40% if the matter settles for 70c at the DOCA stage - but will get their percentage if the matter goes to trial or settles after the DOCA.

The flipside is that for participants in the class action - they get far less if there is a settlement after the DOCA - eg if ANZ pays 70c at the DOCA stage - the creditor gets all of it - but if it settles later for $1 - the creditor may get less than 60c (once legal fees and percentage are deducted). Also with interest rates at 8% the money is worth a lot more now than in a year or two.

Should an offer be put forward that appears fair, then consider it on its merits and be well aware of the interest the lawyers have. If no reasonable offer is forthcoming then i, like so may others will fight long and hard.