phillip thomas explains all, page-41

seems to be a lot of misinfomation on here.

1. anz did not lend shares to opes, they lent money, cash, $$$$. opus used that money to fund margin loans for clients who bought shares and paid a higher interest rate to opes than opes was paying to anz.

2. anz legally owned all of the shares opes clients were buying (with anz's money). the shares were security.

3. anz seized the shares which belonged to them (but the clients didn't know that).

4. they will sell at anyprice, there only care is recovering the 1 billion. anything above the debt can go to the clients, recievers, administrators, staff.

5. it seems some suspicious transactions have taken place in opes client accounts. one guy on hotcopper is claiming opes have taken 140k in cash from his macquarie cash management account. he had no trades to settle on. check asx general thread around 5pm today.

6. dont forget, the shares belong to anz. anz and merrill will sell to recover their 1 billion. they wont muck around getting their money back. legally all the shares belong to them them. (upto the 1 billion loan amount)