very similar to anz and opes, page-3

Hopefully the 2-3 year time frame for settlement will not be repeated in our case but it might. Cool heads, evidence and top notch legal arguments will be needed as I am sure was the case in this UBS case.

We and our lawyers will also need the patience of Job but I am confident we will prevail in the end.

In fact, the longer it lasts the more will be revealed in the discovery process and this may add to the returns.

I am not a lawyer and not pushing one form of litigation or another but I can't help thinking that ANZ have obviously got hides like Rhino's and appear to be not in the least concerned about the damage to their reputation.

You can cover Smithy's car in bumper stickers, stand permanently with a placard outside his house and try to shame them in every forum you like. The fact remains that he will continue to go to work, come home, and sleep like a baby after some fine grub and a glass or two of something good.

IMF, S&G and Sweeney play for keeps, though. No mucking around, just straight for the jugular. This process is the only one that may induce a bit of indigestion and perhaps the odd interrupted sleep.

Keep up the good work, Ant. Your posts are great.