m.west on anz, page-3

watso,

"ANZ provided the releases but it insisted on a written retraction of Mr Blumberg's allegations and would not overturn the $95 million deal. The retraction was written by the bank and emailed to Mr Blumberg's lawyer.."

So Blumberg makes allegations about the state of affairs at Opes to the financiers. Financiers say your getting the money anyway, and write the retraction of the allegations for Blumberg to sign.

Then it appears they manoevre to take a secured charge over all the assets of OP and related companies, the charge being many times greater than the funds lent. A secured charge over a company that the bank had been told was subject to a fraud and could be already insolvent.

I think ASIC just blinked.