opes, page-51

"Today's decision by Opes' creditors will enable the liquidator to pursue claims against Opes Prime's secured creditors, ANZ Bank and Merrill Lynch"

This may be the only positive from today's meeting for mine. The litigation funded lawyers got their way. The irony is this might all have been settled by now if Beconwood hadn't been pulled. But that, of course, would have been in direct conflict with their priority - to maximise fees.

Two more things that are abundantly clear. One is that Lindholm just doesn't understand that the majority of Opes clients consider March 27 as the only fair basis for valuing their claims. He repeatedly said that no matter which date is used, someone is disadvantaged. But, as was put to him today, and was flippantly dismissed, is that March 27 is the last and only date that all cliens were on the same footing. From that point on we were left to the vagaries of the banks and the market.

The other clarification is that Charles Sweeney QC is the only party to this whole fiasco who is without self interest. His words were the only ones to receive majority applause from the floor through 5 hours of drivel from Lindholm and sections of the audience, yet the funded lawyers (and their ignorant proxies) chose to disregard his suggestion of an adjournment and voted to take this Co (Opes) out of creditors hands and into the Liquidator's. If the way today's meeting was run is any indication then god help us.

The only winners today were the funded lawyers and FH. Both Opes clients and ANZ have been shifted further apart with today's decision in my view. It's pretty clear this is going to litigation now (3-5 years in Lindholm's words), beautifully manipulated by the pure self interet of those maximising their fees.