worried about what ?--and further more, page-50

Re all this talk of BEN taking on Gt Southern debt at a discount when Gt Southern was about to go under.


My belief it the ONLY loans Bendigo has in relation to Gt Southern MISs are the ones that were ALREADY with Adelaide Bank as a stand alone bank prior to the merger with BEN.

Adelaide Bank was doing deals with Gt Southern well before BEN came on the scene in 1977.
This was at a time when Gt Southerns credit rating and the MISs were not in doubt.
Indeed, the time when many wise investors were becoming involved.
Adelaide taking on the funding of these loans would have been normal commercial legal loan deals such as occur every day between banks and other financial institutions.

Therefore the merged entity of Bendigo and Adelaide which came about in Nov 2007 already had the loans as part of the merger process, and no "transfer" would be required.

(Maybe April 09 was just when BEN thought it prudent to notify loan holders of these pre-existing arrangements..... now under the banner of the Bendigo/Adelaide merged entity)

I do not believe BEN bought further loans for "cents in the dollar" in April 09.
In fact at one stage, last year I think it was, Mike Hurst catagorically denied buying Gt southern debt for "cents in the dollar"

No doubt some of these MIS loans with OTHER entities were on-sold around April 09, but to whom ?

In fact,as an example, Punter mentions his loan was sold for 7 cents in the dollar to Quote "JEWISH dudes"...Nothing to do with BEN
(Although I am sure Punter you are very interested in the BEN proceedings)

Also some of the schemes will eventually reach maturity, and let's not forget they are long term investments, and pay investors in full, so not everyone will lose out.

A tangled mess, and the lawyers are the major winners.