opes prime and anz

  1. bbq
    599 Posts.
    ANZ did not lend money to 1200 share investors in Opes Prime, it lent to one company and that company when into liquidation. ANZ as a secured creditor has the right to liquidate assets to recover its loan.
    Whether individual investors want to pay off their margin loans is of no relevance. ANZ did not lend money them, only to Opes Prime. Opes Prime collects alls it investors collateral into one pot and used it as security for the ANZ loan. All share investors are thus equal regardless of the status of their margin loan. Caveat Emptor.
    ANZ should do more to contact these individuals but at the end of the day, ANZ has no relationship with them, only with Opes Prime.
    That Opes Prime was allowed to setup and run a business without the ASX flagging the danger to all of their clients (i.e share investors) shows them to be negligent.
    While I am not fan of ANZ, they are just doing what they would do to all their individual borrowers that went into liquidation. It's a tough world!
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