Yes, I thought of that.
If APRA does block the sale then it would need to have compelling reason to do so (in which it is all a bit academic because it means the sale would not have proceeded anyway, irrespective of the circumstances.)
Of course, if the reason APRA blocks the sale is frivolous, and IFL pursues a course of action to obtain redress, then APRA risks losing on the doubled-down bet as well.
Not sure the folk at APRA will have the intestinal fortitude for that possible outcome.
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