The fact is ANZ has legal title and therefor able to sell the...

The fact is ANZ has legal title and therefor able to sell the shares! That's why the injunction was sought to stop ANZ from selling!

The big question is "Can ANZ's legal title be defeated?" This is a highly complex question and can vary depending on the set of circumstances with each of Opus's client.

EVEN assuming that ANZ can prove that Opus had legal title in the first instant, it does not automatically means ANZ's title could not be defeated! Was the deal between ANZ & Opus bonafide? Did ANZ or ANZ's agent play any part in getting the client to enter into the contract with Opus? Some of the substantial clients are alleging in court that ANZ lawyers were present and had mislead them into believing that If Opus fails, ANZ will hold the title in trust for the client.
Has ANZ fails any other obligations in regard to other legislative requirements?

Some clients are alleging ANZ failed to disclose the shareholdings to the market as a substantial shareholder! Is that correct? Is ANZ require to disclose that under current legislations if the shares were pledged to them by Opus and if yes, when does ANZ has to disclose it? At the time the shares were pledged or when Optus fails? Even if ANZ failed to disclose what are the ramifications?

This Opus demise brings out lots and lots of unanswered questions - a field day for lawyers, ASIC, ASX and our parliamentarians!

Although the court refused to continue the injunction, ANZ is not out of the woods yet! All the court is saying is that the injunction is not the appropriate remedy. If the client takes ANZ to court and win their case, ANZ can still pay damages! But if the injunction was granted and the stock market plunges or the speculative companies goes bust, the shares may not be worth much to ANZ! The fight is far from over!

And what is the conspiracy theory on lawyers all about? If ANZ is a client of a lawyer, the lawyer is not allowed to act for the Opus client against ANZ and vice versa.

ANZ would like the market to believe that ANZ had done no wrongs and their interests over the shares cannot be defeated! That may be likely but never hear of surprises? The show is not over yet!