As followers will know, the NRSSG is not part of the legal action being taken against the Government. This is being led by the U K Shareholders Association with support from the two biggest shareholders RAB and SRM.
Althought the request for a judicial review was turned down in the High Court, they have been given leave to appeal to the Court of Appeal because of the importance of the principles of the case.
This means there will be further delay in the valuer setting to work on the basis that in effect our shares are worthless. It is likely that any valuation will also be the subject of legal challenge.
Robin Ashby has frequently expressed the view that either we want fair value (which for the sake of argument would be the net value of the business at the end of the first day of the run on the bank, £4 a share) or we want our shares back and we'll take our chances in the long run.
As the Government has injected £3 billion of equity since it stole our shares, that would put us in a similar position to other banks such as RBS and Lloyds, where the Government has underwritten rights issues and now has a large share stake but exisiting shares remain with the original owners.
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