New glimmer of hope for Opes investors
Friday, April 18, 2008/
The Opes Prime administrator is investigating legal action against ANZ Bank that could threaten the banks’ rights to the $650 million in shares securing its loan to Opes.
If the action were successful, the case could double the return to other creditors from 30 cents in the dollar to as much as 70 cents, reports The Australian Financial Review.
The Opes administrator is expected to subpoena Opes director Anthony Blumberg to support allegations that security given to ANZ a week before the collapse was given under duress.
The administrator is reportedly strapped for cash, so creditors wanting a better return than 30 cents will most likely have to fund any legal action.
The case can’t be brought until Opes is put into liquidation, which could happen at the next creditors meeting on 2 May.