In a fresh humiliation to the dying corpse of this once strong and respected institution, Northern Rock is set to be dropped from the FTSE 100.
This should come as no surprise, as the bank has been destroyed by the previous board.
Once kicked out of the FTSE 100, the share price will fall further as investment funds are forced to adjust their books and sell their holdings.
I have warned on numerous occasions that this stock will end up the play thing of speculators, nothing better than Marconi shares. The company is dead, yet to be buried, the sooner the sale is agreed and finalised the better for everyone.