Staggering, isn't it Molly. Anyone who thinks there are geniuses...

Staggering, isn't it Molly.

Anyone who thinks there are geniuses at work cleverly manipulating this whole process is a paranoid Conspiracy Theorist.

However, as much as I would like it, I can't quite imagine $270m (ANZ preferences) + $80M (ML preferences) + an additional $200m (ANZ damages) = $550m being seriously considered unless there is some very juicy stuff being uncovered that we are not aware of.

This "damages", being the total amount, concept is a bit interesting. This would be the position where the bank believes they are 100% in the clear on security, and the clients have no claim to any of the proceeds of the sale of their shares ,... but, ..., they conceed that a couple of their employees made a mistake or two and so they are happy to provide an ex gracia payment to avoid a litigation saga.

If this is the case, you can only assume that the whole ANZ legal department plus Mallesons are all on leave and that Smith and co are trying to do it all themselves!