any comments, thoughts, on this stock.

Northern Rock rejected JP Morgan emergency funding


LONDON (Thomson Financial) - Beleaguered mortgage lender Northern Rock PLC
turned down the offer of emergency funding from US banking giant JP Morgan Chase
& Co which may have staved off liquidity issues and the consequent run on the
bank last week, the Telegraph reported citing a source familiar with the
situation.
The company called in its relationship banks after it issued a profit
warning in June, but decided to reject emergency funding from JP Morgan, which
would have included around 500 mln stg as part of a wider solution proposed by
the US bank, the report added.
"There was extensive financing offered, albeit the management would have had
to swallow some unpalatable truths," the Telegraph quoted a source familiar with
the situation.
The rescue package contained some severe conditions, including punitive
interest rates, and Northern Rock may have had to sell off mortgage assets at
discounted values, Telegraph sources speculated.

Franky anyone dealing in this lot at the moment and did not have a stop loss in place wants there brains tested, sorry fernandesb.

Cynic: 225 of 240 : " Why do you continue to hold and not just bite the bullet "... Bit of an anomaly here with your above post (240 of 246) don't you think ?. Any credibility you had has been lost in my opinion.

I hold a small amount of NRK and also have been trading them. ;-)))

0930 sky news all about NRK

In at 181, risky but what the hell. railtrack shareholders still got paid 260p a share or thereabouts after they went into administration so who knows with the Rock? at least 3bn of assets in last a/cs plus a dividend next week... Even RAB capital are buying it. Looks like absolute floor of 100p with 150 more likely. Upside 360-450p(back of a fag packet stuff)

As for silly valuations of 1p, 6p etc, well that tells us everything we need to know.......shorters maybe ;-)

Markets overshoot, therein lies the opportunity.

The 6p figure came from Citigroup.
Hardly likely to be shorters trying to manipulate financail BB's.

Smiler - hello to you! bought a few of these this morning..... interesting times methinks....

Me TOO !!!

well, this will go one way or the other!

annie ..... i trade and i also suggest that you read properly what i wrote in that post .... anyway, assuming that NRK has some value, there could be a quick turn to make during the course of today .... that is a long way from wringing your hands that you bought at 500 (say) and have just sat and watched it slide 2/3/4 days on the trot and done nothing in the fond but totally misguided hope that you will recoup those massive losses.

though i certainly don't get it right all of the time, i have been both long and short of SOLA and done very well indeed ...... even AL which i bought as a safe defensive stock (hahaha!) i initially lost my shirt, but sold up and then bought back and profited on the bounce and sold again - nett result is still a nasty loss, but less than half of what it was.

Interesting read on NRK

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/21/cnnrock121.xml

nice find bluelady, thx.

yes thanks for that bluelady. Thanks also to derwent who highlighted RAB buying yesterday (post 203)

NRK goes ex-divi on the 26th sept. 14.2p on a share currently worth 181p!!!
I suspect that the final divi in 6 months time might not be so good.

I agree about Brand reputation but it is one very important thing which was also the reason of troubles, this bank is lending money to customers more than running and gaining from investments and current accounts. And if someone is looking for bank to borrow some money the most important think is if this someone will get money and how much will be interest, brand is less important. And you see prices today, just because some announcements is already 10% up.

i suspect there will an announcement that the divi has been withdrawn

If divi is cancelled that would severely effect the sp and undermine any remaining confidence.

I doubt it, I think most people buying at present would not expect a final dividend. Infact, it will help the Company conserve cash assuming it survives in its present form. I remember BT passing a dividend when things were not so rosy.

I AM VERY THICK!
How can paying a divi conserve cash?