anyone hear what beaconwood did today, page-5

ABC news reports put on hold whilst "terms of a multi million dollar scheme of arrangement are negotiated."


The firm was placed in the hands of receivers in March 2008 after a number of trading irregularities emerged and hefty margin loans were called in.

Beconwood Securities lost millions of dollars worth of shares invested with Opes Prime, and investor Paul Choiselat has been trying to to recover them through the courts.

The case was used to test the legal claims of creditors against Opes Prime and its key backers, ANZ and Merrill Lynch.

Today the Federal Court in Melbourne heard the parties had reached agreement, and proposed to file scheme of arrangement documents to resolve the claims of creditors.

But Justice Ray Finklestein asked lawyers for Opes Prime's administrators to clarify several issues, including whether a class action against the company would need to be settled separately by the scheme.