so you are saying that ANZ directors for example could place ANZ...

so you are saying that ANZ directors for example could place ANZ into admin because they felt like it?!

From one perspective I am sure the regulators are keeping a close eye on preceedings, and with the complex nature (as stated by the board in the supplemental docs) should the 75% yes vote not pass (which IMHO it won't) then option 2 is the revised 50% yes vote, which has a miriad of legal issues attached to it which is why you will get 'up to 10 cents' (i love the up to bit) because of the potential legal claims etc...

So if the board is telling us there will be legal challenges (or potentially) then one would have to assume placing part of the company into receivership would as well?!