Following up from previous article where ANZ claims that Equity Trustees is responsible for any damages in this case, estimated by the AFR to be in the "tens of millions", interesting follow on article this week.
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Lind's Australian program will be bolstered by any proceeds of action against ANZ Trustees. The ANZ unit, now owned by Equity Trustees, put weapons maker Metal Storm into voluntary administration in 2014 with Lind's Australian Special Opportunities Fund holding around $13 million of convertible notes in the business. A Supreme Court judge last year agreed with Lind's argument that the trustee's actions had prevented Metal Storm from securing contracts or progressing contract negotiations, or obtaining a fair price for its assets.
"The Court will determine the amount of damages payable to Lind by ANZ Trustees later this year," John Hancock said. "Expert evidence is presently being prepared by Lind on its losses which will include not just the loss on the notes but consequential losses to the fund."
EQT Price at posting:
$14.55 Sentiment: Sell Disclosure: Not Held
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