[plibither8]

Can someone explain who pockets this £1, or how this is formally transferred? Is it at all transferred or is the price just for bookkeeping?

[Atropos]

If I am not mistaken, the £1 would typically be distributed between all of SVB UK's current shareholders. If SVB UK is 100% owned by the SVB parent company, and SVB parent is bankrupt, the £1 will get added to the funds that will make the SVB parent's creditors "whole", who outrank shareholders in bankruptcy.

And yes, the £1 has to get actually transferred, it is important for legal certainty e.g. with regard to https://en.wikipedia.org/wiki/Consideration_under_American_l....

[timthorn]

I believe it will be acting as the "consideration" that UK contract law requires for a contact to be deemed valid.

[rmccue]

It's called a peppercorn: https://en.wikipedia.org/wiki/Peppercorn_(law)

[ackbar03]

Doesn't really matter. Whoever gets it will probably drop it and lose it at some point when he buys a soda or empties his pockets for the washing machine

[lostlogin]

Goodness, they should be careful or someone else might buy a 200 billion dollar disaster with that same coin.

[bagels]

The Bank of England apparently took over that subsidiary, so if the money is actually paid, it will be paid to them.

[baq]

it gets converted into a snickers bar and ceos publicly split it in half and eat it.

[plibither8]

Hah, if it's split then they essentially bought it for 50 cents.

[ackbar03]

I dont think you can even get a snickers for an euro. The fed took care of that.