I see that the Treasury is having trouble (which it of course denies) in finding an independent valuer to assess compensation payments due to Northern Rock shareholders.
Unsurprisingly no one wants to pick up the poisoned chalice, as whoever does will be liable to be sued by disgruntled shareholders who still labour under the illusion that Northern Wreck has value.
Wouldn't the Treasury save itself a lot of heartache by simply allowing the shares to trade openly on the market, as I recommended in February, thus providing a real time and open valuation of the company?
Today, by the way, it was reported that The Wreck is looking to hire more staff to work in its debt division; a clear sign that its debts are going bad, and that the value of its mortgage book may need to be revised downwards.
Let me save everyone the time and trouble of trying to find a valuer, prepared to stick his neck out.
The value of Northern Wreck is zero (as I stated in February).