abn, page-36

ABN

I agree with many of your points. FH they worry me and from what I hear ANZ is commited to settling (and why wouldn't they) but FH is only intersted if its in their best interests.

I have been involved in insolvency for a while and there are generally two rules followed by Recievers and another two followed by Administrators

Recievers
Rule 1 - try and get as much as you can back for the Secured Creditor who appointed you
Rule 2 - maximise the fees you can charge

Administrator
Rule 1 - maximise the fees you can charge
Rule 2 - dont get your license suspened or banned

If ANZ settle the problem will be getting FH to pay the funds out not just sit on it and wind down legals for 4-5 years at the cost to Opes clients of $30-40m.

There is another way that ANZ should look at if they really are serious. Settle by buying the (so called "debt") from Opes clients directly. At say 70 cents in the dollar to March 27 prices. They get all the rights obligations etc attached to it so they can then vote out FH or ram through a DOCA or whatever. They could effectively leave FH out in the cold as buy buying the debt they would be effectively suing themselves if there was no doca.

They would still be left with $100m in hard heads but they could deal with them later. And importantly other Opes clients who want to settle would get paid early not in years.