What happens with those who were short Northern Rock?
- Thread starter crgarcia
- Start date
post the story next time you ask a question like this and it might help others answer your question.
here is the story and answer in bold.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aR399_tyWImw&refer=home
Well it looks like things are getting there eventually.
http://www.northernrockvaluer.org.uk/
Last updated: 10 March 2011
The Independent Valuer was appointed to determine the amount of any compensation payable by HM Treasury to former shareholders of Northern Rock and to those whose rights to receive shares were extinguished when Northern Rock was transferred into temporary public ownership.
Having applied the valuation assumptions that he was required by law to apply, the Independent Valuer determined that there was no value in the shares (or right to receive shares) as at the valuation date and therefore that no compensation is payable to former shareholders (and to those whose rights to receive shares have been extinguished).
As required by the legislation under which he was appointed, the Independent Valuer issued a Revised Assessment Notice dated 1 October 2010, in which he upheld his original determination that no compensation is payable.
Any person affected by the determination set out in the Revised Assessment Notice, who is dissatisfied with it, may refer the matter to the Upper Tribunal. On 24 February 2011, the Upper Tribunal directed that any reference to the Upper Tribunal must be made by 24 March 2011.
All points within the Upper Tribunal's jurisdiction, which have been raised by 24 March 2011, are to be heard at a five day hearing which is scheduled to start on 31 May 2011. The Upper Tribunalâs Case Management Order No.2 sets out the procedural steps leading up to that hearing.
For details on the process of appealing to the Upper Tribunal, including relevant timing and deadlines, please refer to the Upper Tribunalâs website http://www.tribunals.gov.uk or contact the Upper Tribunalâs office on 0207 612 9647 or 0207612 9646.
http://www.tribunals.gov.uk/financeandtax/FormsGuidance.htm
So this saga might be finalised in early June 2011, more than 3 years after the nationalisation.
http://www.northernrockvaluer.org.uk/
Last updated: 10 March 2011
The Independent Valuer was appointed to determine the amount of any compensation payable by HM Treasury to former shareholders of Northern Rock and to those whose rights to receive shares were extinguished when Northern Rock was transferred into temporary public ownership.
Having applied the valuation assumptions that he was required by law to apply, the Independent Valuer determined that there was no value in the shares (or right to receive shares) as at the valuation date and therefore that no compensation is payable to former shareholders (and to those whose rights to receive shares have been extinguished).
As required by the legislation under which he was appointed, the Independent Valuer issued a Revised Assessment Notice dated 1 October 2010, in which he upheld his original determination that no compensation is payable.
Any person affected by the determination set out in the Revised Assessment Notice, who is dissatisfied with it, may refer the matter to the Upper Tribunal. On 24 February 2011, the Upper Tribunal directed that any reference to the Upper Tribunal must be made by 24 March 2011.
All points within the Upper Tribunal's jurisdiction, which have been raised by 24 March 2011, are to be heard at a five day hearing which is scheduled to start on 31 May 2011. The Upper Tribunalâs Case Management Order No.2 sets out the procedural steps leading up to that hearing.
For details on the process of appealing to the Upper Tribunal, including relevant timing and deadlines, please refer to the Upper Tribunalâs website http://www.tribunals.gov.uk or contact the Upper Tribunalâs office on 0207 612 9647 or 0207612 9646.
http://www.tribunals.gov.uk/financeandtax/FormsGuidance.htm
So this saga might be finalised in early June 2011, more than 3 years after the nationalisation.
Quote from nazzdack:
1) ?....WTH?....February 2008?
2) !.... Validation at last! Confirmation of the Obvious!
It's just been one appeal after another.
First of all the government spent ages coming to the conclusion that shareholders should be given zero compensation for the seizure / nationalisation of the company.
Then there was an opportunity for shareholders to appeal this ruling.
And then now there is the opportunity to appeal to the Tribunal regarding the ruling.
Hopefully this will be the last opportunity for shareholders to appeal.
