If an action was taken against Opes the reason it would be pointless is not because Opes would be bankrupt but because any action against Opes wouldn't change anything - they are currently unsecured creditors for the difference between share values and their margin loan - if they were successful in legal action they would still be unsecured creditors (probably for the same or a similar amount) but will be out of pocket for legal costs and the amount Opes have available for distribution will be reduced by legal fees and administrator/receivers fees in defencing the action.
