INACTION PREPARED OPES FOR DOWNFALL

It would seem, on the information so far available to the public from reports of current court action (April 2008), that if Opes Prime had correctly monitored the margin accounts of the allegedly favoured few and made timely margin calls (as companies such as Leveraged Equities do every day) instead of allegedly manipulating those clients’ accounts to enable them to continue trading, the other 1100 odd clients of Opes Prime would not now be seeing their life savings go down the drain.

As an aside, its seems everyone is asking why Australia and New Zealand Banking group has not declared its substantial shareholder status since the receivers were appointed.  If ANZ had title (as it claims) to the “pooled shares” of Opes Prime’s clients from the minute those shares were purchased/pledged as security why didn’t ANZ disclose its substantial shareholdings at that original point in time?

Indeed, why hasn’t ANZ been forced to make a takeover bid for the 10 companies in which they have held an interest greater than 20 per cent (as revealed in its letter to the Australian Securities Exchange)?

What absolves ANZ from making a takeover bid as required by the law?  Our tip is the Australian Securities and Investment Commission will not pursue this.

Finally, if ANZ sells all the “pooled shares” and then is found by the court not to have had title over those shares (and hence no right to sell them), will they buy them all back to restore them to their rightful owners?  I would hate to be on the short side of such a scenario!