opes related , page-40

Just to go off track for a moment, it is interesting to make a comparison between this case, and both ASIC's and IMF's involvement in the Centaur insolvency action.

ASIC did a lot of work during 2002-03 to investigate claims of insolvent trading, but ultimately dropped its investigation. In 2006, IMF became involved, although it was only in 2007 I think that substantive action started. Last month, the case was conditionally settled, so creditors seem to have got a result. In the current case, the Beconwood case is ready to go, and I presume the evidence in this case would be largely the same as any potential class action run by IMF, should it come to that. The point is, should this matter come to litigation, it should be able to done fairly quickly, and not be too mired down in interloctory matters. Because of the potential for this, presumably creditors (particularly those backed by IMF) are in a fairly good position to press for what they consider a reasonable settlement, particularly if a court requires better disclosure of key issues than has currently been made.

Anyway best of luck to all creditors involved.

angus

I hold IMF