Tuesday, January 8, 2008

Meanwhile, Northern Crocks asset book is sliding in value as house prices keep nosediving

Rock shareholder warns Treasury

A breach of the Human Rights Act?
I didn't know the Human Rights Act protects people making bad investment decisions or protects people's invstements when they hold shares in technically bankrupt companies.

Posted by paul @ 06:32 PM (823 views)
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6 thoughts on “Meanwhile, Northern Crocks asset book is sliding in value as house prices keep nosediving

  • We are now moving from the sublime to the ridiculous as the ‘Mickey Mouse’ economy comes apart at the seams. Stay tuned it will only get worse.

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  • The Human Rights Act says: “No persons shall be deprived of their possessions except in the public interest….”
    I think the government can make a pretty clear case that it is in the public interest, especially as Northern Rock has borrowed so much money from the BoE.

    The Act implies that compensation should be given if the government takes your possessions; in this case the appropriate compensation would be the current value of the shares (89p). This hedge fund wants the government to pay 400p a share! They should be so lucky. RailTrack’s shares were suspended at 280p and finally the shareholders were given 260p.

    * This can be found in Schedule 1, Part 2, Article 1. Full text of the HRA at http://www.legislation.gov.uk/acts/acts1998/ukpga_19980042_en_3. It’s actually surprisingly readable for a legal document!

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  • What a load of b*llocks, maybe the next time the squeeling shareholders can watch their shares go down to zero pence without you and I chipping in to save a basket case bank.

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  • crash bandicoot says:

    I seem to remember that when Marconi suffered their cashflow problems and had to go to the banks for more “liquidity”, the banks asked for ~99% of the company. This resulted in a huge share issue, bringing the original shares down to 1p each. Surely this would be a fitting end for Northern Rock and all the vultures who have jumped in/fools who are hanging on in there.

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  • It’s quite simple.

    On whichever date in February the current state aid provisions run out, the bank of england asks for its loans to be paid back in full, immediately.

    If Northern Rock is unable to repay them, then it is bankrupt, and the government offers to take on its assets and liabilities for £1. If the liquidators can’t get a better offer than that, then the government gets it.

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  • In addition, the claim that selling Northern Rock at a bargain basement (geddit?) price would be misfeasance is ridiculous unless one of the shareholders were physically harmed.

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