What's a fair outcome everyone would agree to?
Perhaps something like this...
Choosing a valuation date like March 27 seems unfair to any OP clients who's shares happened to be down on this date. A fairer measure of valuation would be to take the average price of the shares over a certain period of time. This gives a better estimate of what ANZ got for the shares by selling them and what clients would have expected to have received if they traded their shares over this period of time.
In addition to the above, no client should receive less than 25% of their net cash position at the liquidation date, and no client should receive more than 75% of their cash position at the liquidation date.
So everyone gets somewhere between 25% to 75% of their net cash position when Opes went under depending on the performance of the shares that were held.
This assumes only 50% is available to return to clients. If more than this is available (eg 60%) then perhaps the bottom and top figures can be raised (eg 40% to 80%).
Seems reasonable doesn't it?
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