Northern Rock shares deemed worthless

Valuer Andrew Caldwell claimed there was no evidence to support shareholders' view that the business was a going concern after its collapse and said there was no surplus money to hand back to shareholders after taking account of Northern Rock's liabilities. In a final document uploaded to the Northern Rock valuer website, Caldwell says: "I determine that the amount of compensation payable by the Treasury to former shareholders or to those whose rights to receive shares have been extinguished is nil." Northern Rock announced a loss of £257m for 2009 earlier this month, an improvement o...