"Whereas a workout with or with official managers involved but sponsored by ANZ with a 15% charge on all clients total shareholding"
This deed of arrangement was put to Deloittes (ANZ) by a group of Opes clients representing a very large percentage of the equity in the first few days of the meltdown. They didn't even want to discuss it. You are right...they panicked and have destroyed shareholder value by their actions.
The market for many of the shares was essentially made up of Opes clients.
ANZ now face a very public legal battle that will be very well funded against some people who don;t take lightly to being stuffed around by anyone.
ANZ, you have picked a fight with the wrong people...get ready to be belted.
