the transactions did go through as we understandso opes is...

the transactions did go through as we understand

so opes is probably insolvent and admiting grave difficulties to asx

and anz and opes are suffling deckchairs to opes .. materially degrading the unsecured creditors position

ultimately to anz's direct and calcuable benefit..

we suspect to administrators are all over this and all the preferances

when we talk about benefit..the press misses the Big one

lets just take a wild speculation anz were aware of opes key selling feature for the last 4 years ..the offer to clients of retention of title

ANZ is the primary lender to opes

At the point of a client delivering their portfolio for anything less than the blended anz to opes lvr

Isnt ANZ recieving a considerable enhancement of their security

the shares were lodged with anz nominees directly

was there a duty formed by anz between it and the client at that point of time

it later transpires that opes becomes insolvent ..and anz relies on the cumulative surpluses in the client portfolios to recover 100% of it adavances

those advances commenced in late 2004 and continued to 2008

at no time did anz ..believe it owed a duty to those parties..lodging the equity to inform them it was actually the owner and could rely on the pool of the clients equity to recover all its lending

the writer believes opes breached its fiduciary duties to the clients

any common sense reading of the state of affairs leads the writer to believe anz were aware of the breach and were silent

or in the alternative a fidiciary duty was actually formed between anz and the client ..through anz's knowledge,,,,,..enough said