[b A lawyer for the Maori Council says it's unlikely investors in Mighty River Power know about the risks linked to tribal water rights, because they probably haven't read the company's full prospectus.
The opportunity to formally apply for the shares opened on Monday.
Barrister for the council Felix Geiringer says he is generally happy with the document.
However he says reading the share offer was hard work, even though he has been trained to examine financial papers.
Mr Geiringer does not think most lay investors will have scrutinised the detail.
The Maori Council and other claimants were defeated in their bid to stop the partial sale of the hydro power generator, through a series of legal challenges that ended at the Supreme Court.