Opes filings reveal many tricks, no treats

Indeed, there are a few bars on King Street missing his patronage, but Emini appears to have been hard at it in recent weeks. Six months after Opes fell, Emini has finally lodged his report as to affairs for Opes Prime Stockbroking.

As the Form 407 document makes for some nightmarish reading, it's rather apt that Emini signed it on Halloween.

The document lists the debtors and creditors of the Opes Prime mess - thousands of them are named in the public document - and they cross all boundaries of society.

However, one stands out, Sydney lawyer Chris Murphy, and his three Opes accounts form the "black hole" into which Opes Prime disappeared.

Murphy's Cardiac Jolt is listed as owing $57,385,988.69. Sarah Brown, another of the private accounts run out of Murphy's Elizabeth Street office, is listed as owing $41,939850.86. Then there's the account in Murphy's own name - another $21,667,149.86 in the red. All three of Murphy's accounts have the notes "F & H" listed after them. Note F means the amount is an estimate, made from the "close-out position of the accounts" when receivers were appointed in March. Note H means the account has been "possibly cross-collatoralised with one or more other clients' accounts" - one of the measures used by Opes to briefly hide some massive losses.

Debtors of Opes Prime have received claims from the receiver - Full Disclosure likes the tale of one who was sent documents and a bill for $56 he owed, in a registered mail parcel that cost $70 to post.

Debtors include former poker machine operator Nick Mitris who, along with partner Nick Balagiannis, sold the Olympic Video Gaming company for $170 million in 1997.

According to Emini's Form 407, Mitris' Niako Investments of Clayton South owes $10,567,953.33. That account also has Note H next to it.

Timbercorp non-executive director Antony Baillieu has also felt the heat.

His Opes account Penalty One, controlled by the Antony Sam Baillieu Family Account, was in the red to the tune of $4.8million.

It should be noted that Baillieu is also listed a creditor, and is owed $3.9million - although some protracted negotiations have to be endured for that debt to realise any money from compensation.

Myer sponsor cuts

CUTBACKS, lay-offs and corporate belt tightening were the talk of the Birdcage through last week's carnival.

That was hardly surprising - Macquarie Bank's sombre marquee had a view of the "James Packer Memorial Courtyard", which discreetly covered the vacant plot of land where Ellerston Capital's marquee was located last year.

Around the back of the Birdcage, and also out of sight, were another 10 unfilled sites. Even at Myer, which doubled the size of its Birdcage marquee this year, the talk turned to the consumer spending slowdown - which, Full Disclosure is told, will soon hit the Myer sponsorship budget.

A few marketing staffers lamented that Myer is reviewing the organisations it puts its dollars behind, and will become much more selective in the new year.

For example, Myer's sponsorship of Fashions of the Field at the Spring Racing Carnival is safe.

Not so is the department store's contribution to Champions racing museum at Federation Square.

Whispers during cup week suggest Myer is considering scrapping its support of the underperforming museum, which includes a history of race-day fashions, replete with Myer branding.

Another sponsorship that appears safe is Myer's three-year deal with Vision Australia to sponsor Carols by Candlelight. But the the corporate toe-cutters may look at deals with the National Gallery of Victoria and the Archibald Prize, to see if they fit with the company's fashion-oriented image.

Until then, the parties roll on. The next one for chief executive Bernie Brooks and his team is the red carpet re-opening of the flagship Bourke Street store on Wednesday next week. The Forever New in-store soiree will feature champagne, canapes and music from Axle Whitehead.

ASIC catches insiders

THE corporate watchdog has been getting tough on market dodginess in recent months, and trades in listed biotech Genetic Technologies have come under the microscope.

ABN Amro Morgans representative Richard John Wade, of East Melbourne, yesterday pleaded guilty to six counts of market manipulation. According to the Australian Securities and Investments Commission, Wade, 42, acted on instructions to place buy orders in GTG between May and September 2006 in order to create an "artificial price for the company's share price". Wade was released on bail and will reappear before the Melbourne County Court on December 18.

Rocco Musumeci of Rockdale, NSW, has also been charged on three counts of market manipulation in respect of trading in GTG shares.

Meanwhile, a ponzi scheme investigated by ASIC has scored a conviction.

Spartaco Fasciale of Moonee Ponds, director of Fasciale Futures Trading, was yesterday convicted in the Melbourne County Court on four counts of obtaining a financial advantage by deception, 10 counts of dishonestly obtaining property by deception and 14 counts of breaching director's duties. Between March 2004 and May 2006, nine people invested over $1.4 million with Fasciale Futures.

He lost over $250,000 of that on futures contracts and used the remaining money to "pay investors their returns as well as to pay his own lifestyle expenses".

Fasciale was remanded in custody and will be sentenced next month.