Read this article in the Australian today. Key points and my...

Read this article in the Australian today. Key points and my opinion (repeat my opinion only) in brackets:

1. ANZ Bank is believed to be committed to a settlement (so why haven't they signed a mediation agreement?)

2. Anything between 60c-70c in the dollar is expected to be considered a reasonable outcome (Would all Opes clients accept this and give away their legal rights...I doubt it)

3. ANZ gave its first public indication last week that it was favouring a settlement deal... said a class action was not the "appropriate vehicle" to reach a conclusive deal (Maybe, maybe not...a class action against ANZ may be cleaner than dealing with FH...almost certain that FH will be challenged by a few clients...could drag on for years...in the meantime the settlement monies are tied up and used by FH in defence...just look at the Sons of Gwalia administration...its been five years so far tied up in the courts with the administrator)

While ANZ would prefer Merrill Lynch to be at the negotiating table (why would Merrills want to come to the table...they have least to loose in the courts)

As yet there is no formal mediation agreement signed (so how serious is ANZ or are they just playing for time...and where did the 60c to 70c number come from?)

As part of any settlement, the administrator is expected to insist on the removal of receiver Deloitte (for what reason...FH has not exactly made much headway...and its not Deloittes fault)

Whether a settlement will be reached is expected to be known by the third week of July (expect another extension request to end August...then maybe September...come on FH...plod, plod, plod)

The bottom line...cleaner to take ANZ to court as a client group...if we could get over half the client debt into a group action against ANZ...and then settle its gets us off their (ANZ) back and lets FH go and play games with whats left.