opes the real murphy scam emerges

  1. 6,716 Posts.
    The real murphy scam with Opes now becomes clear.

    According to the papers today, Murphy's stake in Challenger was held in 2 companies and also a personal account. He was supposedly allowed to pool his margin between these. He told the reporters that although he would have had a margin call last July on his company account, his personal account was less geared and offset the margin call.

    Why does this matter ?

    Well when Opes collapsed last month, Murphy was reported still facing a $100m margin call.

    If, hypothetically, Murphy in fact had a $110m margin call on his company account, and $10m net worth on his personal account ( a scenario consistent with what has been disclosed so far ), then guess what ?
    The Opes administrator will have no chance of getting the $110m owed TO Opes from the $2 company, while murphy will still be able to put up his hand for 30c in the dollar of the $10m positive position he may have had on his personal account. Neat huh ?

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