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Hi Livas,

 

I guess the upside is that it doen't have the same derogatory tone as the Mark Hawthorn/David Langsam vituperation. http://www.sharescene.com/html/emoticons/weirdsmiley.gif

 

It is really quite funny that ASIC has taken this stance, all the irregularities associated with the Opes Prime meltdown, particularly in regard to ANZ, Merrill Lynch and Dresdner Kleinwort, and the best that ASIC can come up with is 'we don't like the fact the company has not disclosed to the market the level of exposure that another company has to Opes (albeit a related company) when the company stated in its view it was not warranted'. Great stuff ASIC, really on the ball. http://www.sharescene.com/html/emoticons/icon13.gifhttp://www.sharescene.com/html/emoticons/thumbdown.gif

 

The upside is that once Solagran gets through all this it will be the stronger for it.

 

Cheers Charles

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In reply to: gungho on Friday 11/04/08 01:40am

How can the directors be referred to ASIC when they firmly believed that the shares were shown under ANZ nominees with Solamind as the beneficial owner.

 

I also agree with Livas that a margin loan around 13% is not excessive and therefore not worthy of special disclosure to the ASX. Remember that there are no laws requiring disclosure of directors margin loans - yet!

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In reply to: bullwinkle on Thursday 10/04/08 10:36pm

Hi Bullwinkle,

 

Can you prove your statement about the share shuffling? My recollection was that you stuffed up the numbers when you mentioned this last time and were wrong. Happy to be proved wrong.

 

Cheers Charles

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In reply to: paulhart on Friday 11/04/08 07:48am

Yes it is pathetic Paul. Where are those takeover notices ASIC!!

 

And in the mean time ...

 

QUOTE
Already the NSW Supreme Court has two Opes cases on its books, and several clients associated with a Melbourne company called CMG Capital last week lost an urgent bid to stop ANZ selling their share portfolios.

The hearing that has suddenly morphed into the definitive case began in the Victorian Supreme Court and was transferred this week to Justice Ray Finkelstein in the Federal Court.

In an unusual move, Justice Finkelstein yesterday told lawyers representing Paul Choiselat, an unsecured creditor of Opes Prime and managing director of Jumbuck Entertainment, that they will run a test case about the terms of the document.

So far, Mr Choiselat's lawyer, Michael Garner, has argued that Opes' clients who signed share lending and borrowing deals under the Australian Master Securities Lending Agreement (AMSLA) effectively entered a share mortgage with the broker.

Jonathan Beach QC for ANZ has argued that the agreement was a share-lending agreement, not a mortgage, and that Opes clients surrendered all title and rights to their shares absolutely.

If the judge decides that the clients in fact entered into share-mortgage arrangements with Opes, and not share-lending contracts in which they gave up all rights to their securities, then the Opes clients might be able to claim their losses directly from Opes' financiers.

Before that happens, however, Mr Choiselat would have to prove that his claim for losses of about $6 million has priority over ANZ's own claim for $650 million against the broking firm.
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This is getting even messier we are slipping further and further into the sh-t and knowone is telling us anything .The damage on the reputation that the company was starting to build is starting to become irreversilble and are the directors to embaressed to come out and face the music from us shareholders ?Why their silence? http://www.sharescene.com/html/emoticons/icon14.gif Investors or potential ones will drop off http://www.sharescene.com/html/emoticons/icon13.gif
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In reply to: Livas1 on Friday 11/04/08 07:50am

Sounds like everyone needs a group hug,....Oilleak!! are you still in your y fronts?? There will be no group hug with that kind of carry on buddy!! http://www.sharescene.com/html/emoticons/weirdsmiley.gifhttp://www.sharescene.com/html/emoticons/laughingsmiley.gif

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