The rebel investors in Northern Rock - hedge fund SRM Global and RAB Capital - seem intent on keeping up the pressure on the beleagured bank's board.
Today RAB increased its shareholding in Northern Rock to 7.51%, the second time it has bought more shares in two days. Along with SRM, which owns 10%, it has prevailed upon the bank to hold an EGM on January 15. The two have proposed a motion which would block any major asset sales without the say-so of investors. Quite where this would leave any of the rescue plans which remain on the table is unclear.
What is clear is the effect on Northern Rock's share price, which fell 2.75p to 83p.
With little in the way of trading today, the rest of the market was uninspired. The overall mood was cautious, understandably in the wake of the Benazir Bhutto assassination in Pakistan. By the close the FTSE 100 was 20.9 points lower at 6476.9.
But with only half a day's trading on Monday, the leading index is likely to end up on the year despite all the credit crunch turmoil seen in 2007. Which must count as some kind of a result, in the circumstances.
(Let's not contemplate what the situation would have been without the contribution of the mining sector, which has been lifted by a continuing boom in commodity prices and, latterly, a vast amount of bid speculation.)
