Great summary Molly,
IMO I think the banks are looking for a global settlement as the alternatives looks very messy.
It seems as though FH have acknowledged M&D at the OP level, so the 27th has to be used for many of the OP creditors to avoid litigation against OP for M&D.
The real problem with the proposal is that we are not too sure what amount of damages will be accepted back to the 27th March that is going to reduce the distribution pool.
If 50% get knocked back, the return for some creditors can get as high as 60c plus. I have the feeling ANZ and FH do not know how many of these will get through for damages either, perhaps they do. Perhaps the current structure benefits the unsophisticated investor enormously. Its seems FH are going to have the final say about damages.
Great summary Molly,IMO I think the banks are looking for a...
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$28.82 |
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