I really don\’t think these people have a chance:
Last month Alistair Darling rejected two private sector bids for the bank in favour of nationalisation. Payouts for shareholders were to be determined by an "independent valuer" who would begin the process following a debate in parliament, expected to be after the Easter recess.
Lawson said a fair assessment would put the shares at book value – the assets minus the liabilities – of about £1.5bn, or £4 a share. Six months before the crash the bank was valued at more than £5bn.
He said the valuation process would strip shareholders of their property, which was a breach of article 1 of the Human Rights Act on rights to property.
"In our view the UK government has confiscated the shares even though there was a good private sector solution on the table that would have enabled the company to recover and repay the debts owed to the Bank of England.
"They have promised to pay some compensation but have rigged the basis of the valuation of the shares so that shareholders are likely to get very little or nothing."
Crock was bust without the guarantees.
However, I wouldn\’t put it past the recent flood of legislation to have provided a pretext for them to get more than th about 5p per share that\’s likely to be on offer.
So, umm, maybe they do have a chance, but it\’s not one that they ought to have perhaps.