Harbinger Can't Shake 'Nil' Valuation Of Fallen Bank Stake

Law360, New York (May 9, 2013, 11:22 PM EDT) -- A U.K. appeals court rejected embattled hedge fund Harbinger Capital Partners LLC's challenge of an assessment that its shares in fallen British lender Northern Rock PLC are worth nothing, the same day the company struck a deal with U.S. regulators that included an industry ban.

A U.K. appeals court sided with the assessment of independent valuer Andrew Caldwell of accounting giant BDO LLP, who had concluded that the lender’s shares had a "nil" value, after taking out the value it had received from taxpayer aid. Northern Rock...
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