anz portman connection

The article below may explain current share purchases in FAS, word on the street is that FAS has a compensation claim in excess of $100M against ANZ for selling their shares.

Portman bought the FAS owned GWR shares, therefor purchasing current ANZ controlled (ex Opes) FAS shares as they did previously (in exceptional time), may protect ANZ and others from litigation if there is a change in the Board. This course of action is very cheap for these players and the added bonus is their shareholding in GWR.

There appears to be a strong business connection between ANZ and Portman that is developing. Everybody is a winner???

It would be very surprising if FAS would even comtemplate for one second to accept any offer, condsidering ANZ sold their shares to Portman two working days after admins were appointed at a share price of 90c and now the share price is $2.10.

The ANZ - ? - Portman connection continues.



ANZ seeks a deal on Opes' creditors
Michael West
May 30, 2008

OPES Prime's administrators are believed to have had an approach from ANZ for a settlement deal that would deliver a 62¢-in-the-dollar return to Opes' unsecured creditors and relinquish any legal claims the administration might pursue against the bank.

Sources close to the negotiations between administrator John Lindholm of Ferrier Hodgson and ANZ executives said the administrators had not agreed to the 62¢ figure and significant terms and conditions remained to be discussed.

Were the approach to become a formal offer, which was accepted, Mr Lindholm would still have to put it to Opes' 1200 creditors to decide.

ANZ said no agreement had been reached. "The talks between ANZ and the administrator are exploratory and preliminary, and no specific solutions have been discussed," said spokeswoman Cherelle Murphy.

Mr Lindholm said: "I can categorically state that no offer has been referred from the ANZ." He would not respond in detail to whether there had been an informal approach or what figures had been mentioned.

It is believed the proposal would not include an agreement to release ANZ from any legal claims that unsecured creditors might take themselves.

But it would release the bank from claims made by the administration and therefore by Opes' companies.

Mr Lindholm and ANZ had agreed to negotiate a deal for Opes' hapless unsecured creditors last week.

The discussions coincided with a suppression order on The Age, The Sydney Morning Herald and myself, restraining publication of leaked documents.

But the talks involve only two of the relevant players in the Opes Prime saga.

Apart from the Opes administrators and ANZ, there is the collection of Opes unsecured creditors. Some are making claims individually and others via class action lawsuits.

If Mr Lindholm can achieve a settlement for the Opes companies, their unsecured creditors would benefit as they now face losses of more than $1 billion and the prospect of zero return.

Last week, ANZ spokesman Paul Edwards said about 90% of the bank's $710 million loan exposure had been sold and ANZ would continue to sell despite the negotiations.

The remaining portion of the loan book is comprised of relatively illiquid securities, which the bank is struggling to sell without driving stock prices sharply lower.

At the demise of Opes in late March, there was about $900 million of share collateral against $650 million in security.

Mr Lindholm has said he expected to report to creditors by June 23, giving the parties one month to find an outcome. ANZ has been non-committal on a time frame.

Mr Lindholm said that if a deal had not been struck by June 23, but progress made, the parties could go back to the court to get an extension.

If not, he said, Opes would probably be put in liquidation against $650 million in security.

The most likely outcome if a deal was struck would be an agreement by ANZ to fund a deed of company arrangement (DOCA) at an agreed level. The bank would demand a release from litigation by Opes companies in return for cash.

The next step would be more complex because the unsecured creditors' actions would not be extinguished by a DOCA. Bringing this collection of creditors into the fold for negotiation — and for the bank a potential release — would be tricky and take time.

Many were gunning for 100¢ in the dollar, plus damages, for being misled by Opes and ANZ, and for the claim that Opes owed money to ANZ and had given shares as security for that debt. ANZ claims it has title to the shares and provided money to Opes as security for those shares.

While ANZ's willingness to talk was one step along a long and winding road to a negotiated outcome, yesterday's offer of 62¢ in the dollar is another one.