If the ASIC claim is correct, ANZ are in the hole for about $260 Million. Transactions made by Opes directors whilst Opes "allegedly" insolvent can be / will be reversed via court order by ASIC if it is proven.
Dresdner & Merrils not mentioned.
Very interesting. ANZ I assume then becomes an unsecured creditor to Opes as well as the individual investors.
All this talk of 100c in the dollar restitution is just absolute malarky.
I reckon 30-40c TOPS.
There simply won't be anywhere near enough to cover everyones debts and pay out the administrators, legal fees etc.
The irony is, if ANZ does become an unsecured creditor, it would make it even harder for legal action against them by aggrieved investors to succeed.
Maybe this is why Smith is going to drag out mediation?
Nothing to lose by waiting for ASIC to show it's hand and have the matter determined in court.
just read weekend fin review re opes
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