One article posted here in the last couple of days indicated that ANZ only placed a charge over Opes assets a week before liquidation. Also that any charge placed within six months prior to liquidation may be challenged.
Could a class action be able to challenge the validity of ANZ's ownership and have a court find that ANZ does not own the shares that it appears to be selling right now. In this case, I presume ANZ would be required to return those shares to their rightfull owners and ANZ would join the list of unsecured creditors.
I would really, really, really like to see ANZ trying to purchase large amounts of illiquid shares on market assuming the kind folk they sold them to decided not to resell them back to ANZ.
I suspect that would be a case ANZ could not afford to lose because it would set up ANZ to a glaring short sell. They could end up bitten by the very monster they unleashed.
