"It sounds like anything Blumberg says should be treated with great caution based on this."
That's exactly what ANZ want you to believe. It's called a smear campaign. A classic tactic of the scoundrel. It's designed to discredit and deflect attention from this:
"Apart from warning ANZ about fraud inside Opes, the other core allegation in Mr Blumberg's statement of claim is that he warned ANZ's Mr Steinberg that $95 million in emergency funding would not be enough to save the group.
He says in the document that he told Mr Steinberg that Opes had a $200 million "hole" in it.
This helps Opes administrator John Lindholm in his bid to extract a higher contribution from ANZ in mediation negotiations now under way.
If Mr Lindholm can show that ANZ improved its security position in return for handing over the $95 million, knowing that Opes was still likely to collapse, then the security could be attacked as a preference payment, boosting returns to unsecured creditors."
ANZ Price at posting:
0.0¢ Sentiment: Sell Disclosure: Not Held
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