Monday, November 19, 2007

What a joke! This bank is bankrupt to the tune of about £20,000,000,000 and they have the nerve to quibble.

Rock offers 'undervalue the bank'

Northern Rock has said the proposals received so far from potential investors were "materially below" the stricken bank's current share price.

Posted by tyrellcorporation @ 08:47 AM (1113 views)
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11 thoughts on “What a joke! This bank is bankrupt to the tune of about £20,000,000,000 and they have the nerve to quibble.

  • “Northern Rock has said the proposals received so far from potential investors were “materially below” the stricken bank’s current share price. ”

    Maybe the share price is too high…?

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  • Beggars cannot be choosers.

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  • This sounds similar to property vendors not reducing their asking prices because they fail to accept that the market is crashing. NR fail to accept that they are now worth far less than they think.

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  • Blimey an EU ruling that finally might save some money instead of wasting it i.e. “the Treasury warned that the support it has provided to the Rock could represent state aid under EU rules and therefore may be illegal if continued for an indefinite period.”

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  • It’s an outrage that it is undervalued.
    I raised, with the help of bloggers here £90 to purchase NR.

    One thing is for certain £90 was probably the biggest offer they received.

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  • Maybe you should have stretched the offer to £90.01 ?

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  • What’s the government going to do now?

    Am I right in thinking that if it fails to accept any bid, NR goes under along with all of the tax payers money that has been used to prop it up, and if they do accept one of the offers ……… well, as far as tax payers are concerned pretty much the same thing happens.

    I expect all to go quiet now as the government acts to silence any news about NR that may reveal their colossal blunder.

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  • So NR cannot get value even with a blank check from the government? Seems that the only way forward is to let it fail!?
    Closure would be cheaper for depositors and taxpayers in the long run, investors can take the risk they signed up for, after all they never bleat taking the profits!?
    Why should the government siphon anymore tax take into protecting shareholders!!!?

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  • Ihopeitgoeswithabang says:

    I think the key to the statement was “stricken bank”
    As with anything else in this life when you’re down you are likely to get kicked when you’re down there.
    The government should just gets its cash back and let the bank die.
    Before they lent £30 billion maybe they should have asked US if we wanted to lend it.

    Get the cash back and let all the investors/shareholders lose their money.
    I won’t lose any sleep over it.

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  • Its been only 5 months after the crisis caused by “write off” financing principals and NR are doing it again attaching all there confidence to goodwill costs ( market appreciation value) – what does it take for the NR corporate/accountants start to learn to add up and face reality?

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  • how about e-bay?

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