Swuzz
On a prima facie basis ...yes
Secondly ..i think there is a very strong defense ..on the first notice alone
There are multiple defenses ..but the simplest is reliance on the notice until actions on M+D are heard
My view is that Opes clients were never party to the alleged amsla
and if somehow they were .. it was due to m + D and it is defective and needs to be amended to maintain BO in favour of the client
Therefore creating a prior equity(over ANZ /Opes etc)
Or right of equity upon redemption ( the first Beconwood case)
letters of demand sent to opes clinets, page-43
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