Clearly there is much to be answered by ANZ however they are digging their heels in... and its not to their benifit to do this.
As I read on crikey today a more pragmatic approach to this would be to cough up $300m to the receivers which would see creditors get most of their money back. ANZ then walk away (assuming there is a general agreement between creditors that they wave their right to sue ANZ). Their reputation is given a boost and they come across as the good guy looking after smaller investors
However if they play hardball which they probably will and try to settle later if required to do so the costs will be significantly greater in what they have to pay out.
In the meantime ANZ will continue to be dragged through the mud in the press anmd in the courts ... (Is it just me or is there a change in sentiment starting to brew among the media against the ANZ ASX ASIC and the big boys involved).
It really is game on atm and since this all strated ANZ has seen $6.5 billion wiped off their market cap... How much of this is attributable to OPES ?? who knows but I for one want to see thm suffer.
