opes prime goes belly up

Today Opes-Prime went into administration! See here:
http://business.smh.com.au/opes-goes-subprime/20080328-223z.html
So what's that got to do with ABS? Read on...

Clients of Opes Prime are about to get taken to the cleaners. When they struck their securities lending contracts with Opes, as was the case with Tricom, they signed away legal title to their shares. Opes' bankers ANZ and Merrill Lynch own them now, and when large licks of stock began to cross through the market today it quickly became evident the banks were selling everything (including any ABS shares).

Late Thursday, however, the directors appointed John Lindholm of Ferrier Hodgson as voluntary administrator after becoming aware of cash and stock movement irregularities. ANZ, the main secured creditor, acted quickly, appointing Sal Algeri and Chris Campbell from Deloitte Corporate Reorganisation Group as receivers and managers of Opes Prime Group, Opes Prime Stockbroking, Leveraged Capital and Hawkswood Investments.

So I expect the closing of the short positions occurred yesterday and the long positions were closed today and this has had an effect on the sp of many stocks like ABS.

If you dont believe me, read the ADY thread on HC - then look at the day chart for ADY. They copped a wacking 14.6% drop today - so we were lucky!