FAS handed the shares across to Opes and Opes went and placed those shares as security for its funding from ANZ. These are two separate transactions. ANZ is purely recovering its debts from Opes, and last updates seemed to be that ANZ will not recover its full exposure from the share sales. That leaves Opes as a company whose only remaining assets would be the loans that it has out with various people, like FAS. Some of its loans are probably not recoverable but others like the FAS debt are very recoverable. FAS would then stand as an unsecured creditor to try and recover the $10M security it put up initially. I have seen first hand what these leeches who pass themselves off as administrators/receivers can do. They will consume any cash within the organisation in fees and then any other cash recovered from asset sales or debtors is swallowed up by additional fees incurred in trying to get the best return for unsecured creditors. In the end they make a fortune and the unsecured creditors get screwed. Be assured, whatever the forecast return is for unsecured creditors, the final result will not be anything near it. Already it has been reported that the debt to the 3 main financiers of Opes is actually $1.3 billion as opposed to the intial estimate of $1 billion.
FAS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
