Melbourne Finance House Opes Prime Collapse
Posted in Investing on Mar 28, 2008
Australia has seen some of the big corporations and financial houses going down like draining water over the past couple of month. Some good examples were RAMS, AllCo, ABC Learning Centres, Challenger etc. And this time, it’s Melbourne’s popular finance house Opes Prime turn as it’s become the latest victim in Australia being hurt by the subprime turmoil (although recent news has suggested that it was probably insider trading and account manipulation that contribute to the collapse more than anything else). The news are out and ANZ is owed about $650 million and Merrill Lynch about $400 million.
Source: SMH
These people who have lost big everything in the Opes Prime collapse need not worry. Why? ASIC is continuing it’s investigations. Fear not!
I don’t think there will be any reason not to worry for those who had lost big.
ANZ are even selling shares of Opes Prime clients. It can be possbile that the clients will be left with nothing, even if they are willing to pay the margins.