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Treasury Looks To Sell Rock To Virgin

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TREASURY LOOKS TO SELL ROCK TO VIRGIN

THE TREASURY is giving serious consideration to selling nationalised mortgage bank Northern Rock to Virgin tycoon Sir Richard Branson, the Financial Sunday Express has learned.

The Treasury has brought in bankers at Goldman Sachs and Blackstone to work alongside Credit Suisse and advise it on its options for Northern Rock.

Sources say that as the Treasury has ruled out selling Northern Rock to another bank and floating it back on the stock market it is now looking at selling it to Branson.

Virgin first tried to acquire Northern Rock in late 2007 when the Government was looking for a buyer to rescue the bank.

In February 2008, the Treasury nationalised Northern Rock as it believed that none of the offers it had received were acceptable.

Work is underway to split Northern Rock into “good†and “bad†banks in order to facilitate its sale and recoup the £26 billion of taxpayers’ money that was used to save it.

It is understood that Virgin is only interested in acquiring the “good†Northern Rock.

The Treasury is also considering taking the “good†Northern Rock, splitting it into two and selling them off.

One part would contain its branch network and deposits while the other would be made up of all its healthy loans and mortgages.

However, sources stress that a sale of Northern Rock to Virgin is not a foregone conclusion. Virgin has not made a formal offer and has not yet arranged financing for a deal.

Additionally, Credit Suisse, Goldman Sachs and Blackstone are still looking for other potential suitors.

Crucially, the Treasury is still determining whether or not selling Northern Rock this year would generate the best return for taxpayers.

Last week saw Northern Rock’s former investors take their compensation battle to the Court of Appeal.

They claim that taxpayer support for the nationalised bank had merely “safeguarded’’ a solvent business and did not justify Government nationalising it.

The bank’s largest shareholders, hedge funds SRM Global and RAB Capital, along with representatives for 150,000 private investors are appealing an earlier ruling that left them facing the prospect of a “nil or derisory’’ pay-out.

The investors claim that the terms of the compensation order set by the Treasury are unfair because they require valuers BDO Stoy Hayward to assume that “Northern Rock... is in administration’’.

No doubt Branson will get it for a song.....

I'll get my coat!

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interesting

Virgin does come across as an independent player.

i was on a Vrigin flight out of Las Vegas and the stewards were all dressed like Elvis. pissed me off, but i could see the point, trying to liven things up a bit.

hopefully they'll make a decent bank, would be tempted to move over if it came about.

i like the word VIRGIN

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or like most debt holders, he could call it MillSTONE.

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TREASURY LOOKS TO SELL ROCK TO VIRGIN

No doubt Branson will get it for a song.....

I'll get my coat!

Surely it'll all be transferred into his wife's name and moved overseas for tax purposes. This is the same Richard Branson who five years ago was thought unfit to run the national lottery because his finances weren't up to it.

How times change - unfit to run a lottery one year, serious contender to run a bank the next.

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They'll sell the good bank to get their money back and make a big song and dance over what a great job they've done.

The bad bank will sit with the tax payer and lose even more, but we won't find out till they've all gone.

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Virgin is a personality cult.

I've been to the Virgin Atlantic offices in Crawley and, I kid you not, there are huge photos of Branson in each of the offices. One of them has him sitting inside an aircraft engine, just in front of the turbines. The engine is off, unfortunately.

It's all a bit f*cked up and it's also just a little bit gay.

Edited by bobed

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Virgin is a personality cult.

I've been to the Virgin Atlantic offices in Crawley and, I kid you not, there are huge photos of Branson in each of the offices. One of them has him sitting inside an aircraft engine, just in front of the turbines. The engine is off, unfortunately.

It's all a bit f*cked up and it's also just a little bit gay.

Indeed. It's up there with scientology. L Ron Branson no doubt 'auditing' as we speak.

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Props to the guy though, he is a self made man and always up for a challenge.

I was in a club a few years ago and I met these two absolutely stunning drop dead gorgeous ladies, one Australian and the other was Eastern European I think, both around 25 years old in that dead sexy red stewardess oufit they have.

Well, they were hostesses for the special executive fantasy tourism branch, and were just on a layover to pick up their next client. They said that you can sign up for anything, a race car weekend, a spy theme at Monte Carlo, a murder mystery, etc... you name it. Branson knows how to use the ladies to get you to spend money. I wish I had the dosh for one of those weekends...

virginatlantic.jpg

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I was in a club a few years ago and I met these two absolutely stunning drop dead gorgeous ladies, one Australian and the other was Eastern European I think, both around 25 years old in that dead sexy red stewardess oufit they have.

Once they've aged a bit they end up in Crawley, training the new intake of Bransonettes to suck his c*ck while he polishes his guns.

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Props to the guy though, he is a self made man and always up for a challenge.

Could you render any of that into intelligible English.

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Indeed. It's up there with scientology. L Ron Branson no doubt 'auditing' as we speak.

Voting in Tony Blair and New Labour wasn't rational decision making.

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Props to the guy though, he is a self made man and always up for a challenge.

i prefer turbine blades

Goldman Sachs and Blackstone

quelle surprise

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