tricom clawing back assets in opes

  1. 165 Posts.
    http://business.theage.com.au/of-telstra-and-tricom/20080407-24eh.html

    Looks like the transfers by Tricom after accounts had been frozen on Friday that were supposed to be reversed are now going ahead. (see report above)

    WHAT THE HELL?

    That is at least $70million worth of shares available to be sold off by the ANZ bank now not available. Why is Ferriers letting this happen? This needs to be clarified at the creditors meeting this afternoon.

    ANZ are very heavily exposed to Tricom falling over and $70mill in lost assets might be the thing that would make them insolvent.

    When receivers were appointed to Opes, ANZ claimed all assets. They therefore claimed the Tricom shares as well. That means that the only way Tricom can get it's shares back is via a deal with the ANZ. ANZ indirectly have both sides of the transaction. Is this fair to other Opes clients? Are Tricom being forced to pay market prices or are just being allowed to unwind their position which hasn;t been an option for other Opes clients.

    To paraphrase John Kennedy...ASIC DO SOMETHING, DON'T THINK, DO...before it's too late.
 
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