Been away and have only just come back to see the latest from both the administrators and ANZ Etrade.
Lets deal with the administrators first.
There are in effect no assets to sell so that is not going to take any time to realise.
The assets that are there are largely in cash.
There are some outstanding settlements that may still need to be resolved but will not result in the lessening of the cash referred to above.
The administrator seems to think that given that the UK is not going to do a distribution until April or May ( and you can bet your life it will be a lot later) that justifies their position of not distributing what cash they have. This is just fee chasing at its worst.
As I have said before, its putting the fox in charge of the chicken house. There will be very few chickens when they have finished.
ANZ Etrade.
The only comment from Etrade refers to the fact that there exists an administrators statement after the Creditors Committee meeting.
Nothing about the fact that they are a contributing party to the transactions. They interposed MFGA, they earn't fees on the transactions by their interposed party that resulted in the losses being sustained by all the traders involved. Nothing about the rights and wrongs of what is going on with the administrators and how they see this playing out for THEIR clients.
It is a long time since I have seen an organisation act so irresponsibly. I'm just glad they are not a food manufacturer who has put out a defective product. There would be bodies everywhere. Most organisations have learnt that it is best to step up and communicate. Business Schools everywhere have another case study on how corporations should not behave.
When this finally plays out I can assure the ANZ that I will be first inline to join the inevitable class action that is coming. I'm not owed much but I will be doing it just on principle. Something they obviously know nothing about. As I keep saying they are morally BANKrupt... PUN INTENDED.
