"Can any of guys suggest what ANZ should have done?"
ANZ bank were approached in the first few days with a solution from Opes clients that represented nearly half of the Opes loan book. The solution was to assess the size of the loss that ANZ faced and add 20% which would be covered by Opes clients in exchange for re-opening accounts and allowing an orderly transfer of stock back to the righful owners. A stright out "not interested" was the answer.
So to summarise, ANZ could have had all there loans paid out (including losses) plus 20% but instead have chosen the most destructive course available in terms of asset value.
Don't tell me ANZ had no other options, they had plenty. And don't sit their and argue that ANZ were the innocent "babe in the woods" when it came to setting this scheme up in the first place.
