opes, page-17

I raised a week or two ago that ANZ may not have the liquidity to come up with a settlement. After seeing the way world marklets have collapsed of late, it's the only conclusion I can draw as to why ANZ would not have settled this. It borders on lunacy that they would allow litigation to drag their already tarnished reputation through years of litigation. It really beggars belief unless they simply felt they needed to retain the capital to get the bank through this global credit crisis.

Regardless, the current state of events is making Mike Smith look dubious to say the least. His interview with Kohler 2 months back, where he mooted "commerical settlements" and "holistic solutions", will do little to enhance his own reputation if this continues through to litigation.