The worst of all possible worlds = Northern Rock Directors allowed to carry on regardless

Resolutions 1, 5, 6, 7, 8 and 9 were carried and resolutions 2, 3, and 4 weren't.

Consequently all the Directors proposed for re-election have been elected.

SRM and RAB Capital and their supporter's (?) resolutions were defeated with the exception of Resolution 1 (which only required a simple majority unlike the other proposals which needed a 75% majority vote) - so the Board cannot allot shares with a nominal value above £5 million without the approval of shareholders in a general meeting.

The three (narrowly) defeated resolutions therefore mean that the Directors are not hindered from selling more than 5 % of its assets,nor an imposed £5 Mn. annual limit on equity fundraising and an obligation to preserve the company's current share capital structure.

A perfect recipe for more prevarication, obfuscation, delay, confusion, payment of excessive fees to "advisors" loss of retail depositors and a virtual certainty that funds cannot be raised in the market either as straightforward loans or funny money bonds as proposed by Sacks of Gold wizards of City Finance.

Northern Wreck shares eventually closed 16 pct lower at 69-1/4 pence, valuing Northern Rock at about at 291 mln stg.

How anyone can say that a regular market in the shares is available is delusional , dishonest and mad - rumours swept the meeting before it started that Adam Applegarth (ex CEO and staff shagger) was present , dressed in drag , whilst this can be believed it cannot be confirmed.