This is the letter from the bearded jersey on the Virgin Money website (t/o £70Mn. Trading profit £14 Mn.) who wants the shareholders to ;
1. Accept a "whitewash" - waiving their rights under Rule 9 of the Takeover Code, which requires a bidder to make a takeover offer for the whole company.
2. Be re-branded Virgin Money because Northern Rock is a "Damaged Brand"
3. Put in his own management to run a company with nominally £114 BILLION worth of assets ad 6,000 staff.
4. Rustle up £20 Bn (and rising) to relieve the taxpayers liabilities.
...well you have to admire the guy's chutzpah , but not perhaps, the media's ability to undertake some relatively simple arithmetic.