look again!, page-8

Thanks for your reply Wooduk

I can't find where I read it to post it here (Possibly it was in the local paper the Bendigo Advertiser), but I am certain Mike Hurst categorically stated BEN did NOT buy the loan book referred to in the Crikey article you have posted.

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Aside from that, the legal question surely is:

Were these loans legitimate AT THE TIME THEY WERE ORIGINALLY MADE ?
Not what happened to the MIS's later on.

Rather like if you borrowed money for any item or business venture.

If the item you bought, or the business venture you entered into failed, it in no way exonerates you from your original loan.

CAVEAT EMPTOR!

So just maybe whoever did buy these loans referreed to in the Crikey article at 38 cents in the dollar is smarter than everyone thinks.
Their legal claim to 100 cents in the dollar may well be valid.



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The case is due to proceed on Mon 29th Sept and the court has set aside 6 MONTHS to hear the case.
It is expecteded to be a further 6 months before a judgement is handed down.

Whoever wins, the legal profession will be huge beneficiaries as the mounting costs over 6 months will be mega massive.

If BEN wins, and all legal costs are awarded agains the plaintiffs, it will be a very expensive exercise for all the individuals involved in this class action.

If it does happen to go the other way, BEN will step throught it and survive, albeit in a somewhat depleted manner.

We await with interest the beginning of proceedings.