opes anz legal plan, page-5

Andrew - good summary, you have a much better grasp of the matter than I do.
When this first blew up I sent in a default notice, which seens to have been luck more than anything else, however what I don't understand is why we need a Liquidator to pursue Anz / Merrill. Logic seems to me that if FH has Opes funds they should be distributed to clients and then individuals or class actions go after Anz. This would prevent some further hardship for clients. I recall 30 cents in the dollar being estimated and again logically the valuation date should be 27th March. Can you tell me where I am going wrong with this thinking?