Nationalisation of Northern Rock in the event that the takeover bids fail. On 12 January 2008, the Treasury recruited Ron Sandler, the former Lloyd's of London Chief Executive, to lead Northern Rock, in the event that the bank was nationalised. If the Bank was to be temporarily nationalised, the government would manage the Bank at "arm's length" on a commercial basis, where services for savers and borrowers would not be affected and the company would continue to operate as normal. However nationalisation would also address the future of the Northern Rock Foundation. Alistair Darling rejected the possibility of the Bank being put into administration.
Nationalisation of Northern Rock shareholders lost their appeal, but some shareholders said that they would now try to take the case to the House of Lords. On 22 December it was reported that the shareholders had again lost their appeal, and now they will be going to the European Court of Human Rights in Strasbourg. On 8 December it was announced that the Northern Rock shareholders were to get no compensation, based on the findings of the valuer Andrew Caldwell. This then went to a tribunal, 'Northern Rock v. Andrew Caldwell and HM Treasury, Upper Tribunal (Tax and Chancery Chamber), NR/001/2010, where the shareholders'