Hi Tony. IMF have fairly good lawyers (ever heard of Martin Bennet) and deep pockets too. They are also rolling in cash.
Unfortunately the precendent for this "perfecting of security" has already been set recently in Western Australia over the Bond Corp Bell Resources matter. Judges will draw the comparison very clearly.
I totally agree that ANZ are not a charity, but rather a bank, and will not do anything that is not in their commercial interest. However, in this case, it seems that it may be in their commercial interest.
I don't agree that you can tar every failed business with the same brush and universally say that creditors should just take their medicine in favour of the banks bottom line. That is not how it works at all. Every case is different.
anz getting its karma from destroying opes , page-11
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