Page 11 Weekend Fin ReviewHeadline ANZ may owe millions in...

Page 11 Weekend Fin Review

Headline ANZ may owe millions in compo

Basically Opes was insolvent for 6 weeks or so prior to ANZ establishing Preferential Security

According to submissions made to the Federal Court by ASIC

KR and team ANZ ...The law says you cant execute last minute changes to protect yourself

Charges are referred to as "Green " ie unenforcible until they are established for 6 months

The ANZ charge was entered into about a week before Opes went belly up

Part of this arrangement let Seckold out for $95m ..thus degrading the pool by the same amount

ANZ did not provide any fresh cash or a trade through solution

AFR say the bill on this to ANZ is $260m plus we know there is around $100m surplus from ML + Dresdner

360 over 540m ...the writers view is at a minimum they need to reimburse the $95m ...therefore 435m over 540m

This is before ..we address the issue of M or D +/- U

As an overview ...re ANZ share price ...the writer is of the view Opes is fully taken into account in the markets mind ..and will have little impact as to price performance going forward