Bank robbed - HBOS underwriters in the frame, inevitably

"What happens next, we are not quite sure. Trading in the nil-paid rights is still a week away, with the cash call closing on July 18. Assuming the next month does not see a sudden and wholly unexpected improvement in the British housing market (and a resurrection of the monoline debt insurers), Morgan Stanley, Dresdner and their subunderwriters are now in serious danger of becoming forced buyers of HBOS at the wrong price."