ANZ 0.59% $18.81 australia and new zealand banking group limited

opes anz legal plan

  1. 490 Posts.
    Hi All

    The global agreement has failed, and the close out dates are set at 16th October or filing date+1 of Notice of Default as per Finklestein.

    In light of these facts, who would support this?

    First: FH goes after ANZ for the $270M. This is the strongest case we have, however a funder may still need to be used. If a funder were used then it only makes sense to go for a full judgement plus costs, ie. in 3-5 years. So, in order for a quick resolution, we may need to compromise and accept 80% of that figure, which is still a win if it happens before the funding agreeement is signed. Then we have real money in our pockets now, and can buy lots of bargain stocks.

    Second: FH uses some of the ANZ money to go after ML for the $500M, ML might not like this and may settle too, or not, but then it does not matter because some money in our pockets and this can take 3-5 years.

    In Parallel: Funded litigation groups (Not FH) take up the damages claims, which are set at 27th March, highest value, or whatever, based on the individuals claims for M&D, UC, BO issues. Any returns would probably be offset against any monies from "first" and "second" above.

    Those who are in trouble as at 16th October really only have damages claims to hope for.

    Those who have held their heads above water for whatever reason, or who held cash, or put in Default Notices would benefit from the FH actions in First and Second. Those clients would also have stronger voting rights to proceed along these lines.

    The key is to decouple all of the matters. A global settlment failed and won't be entertained again.

    Please don't shoot me, just trying to be practical in the current dire circumstances. I know it doesn't suit all people but I don't think it is too silly.
 
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