HBOS's £4bn rights issue has been an absolutely colossal flop.
It is, in fact, the quintessence of a flop.
The deal will probably enter the City lexicon as the phrase "doing an HBOS", to mean how not to raise money - though that would be unfair, because HBOS is the victim of a rights-issue system that is cumbersome and slow (and should therefore be reformed).
But here's the important point.
HBOS has got its money, some £4bn.
So this is not a case of an important bank being deprived of vital capital.
What's happened is that its own shareholders don't want the new shares, or at least they want only 8% of them.
Shareholders cold-shouldered the sale because the price of HBOS shares (and other banks' share prices) plummeted at the make-your-mind-up moment last week, after the woes of Fannie Mae and Freddie Mac took investors to the brink of nervous breakdown.
The remaining 92% of HBOS rights shares will go to the underwriters, unless they can be placed in the market over the next couple of days.
That means about £2.2bn of stock will be shared between just two investment banks, Morgan Stanley and Dresdner Kleinwort (they kept about 60% of the underwriting on their own books, and distributed about 40% to other investment institutions).
Here's what's irksome for HBOS.
Underwriters like Morgan Stanley and Dresdner are reluctant buyers of shares in these circumstances, not long term investors - even though both have hedged their exposure to HBOS and are therefore not facing colossal losses.
The market knows that the underwriters would want to sell their stock at the earliest opportunity, which would keep HBOS's shares under downward pressure at a time when the weak housing market is doing quite enough to depress its shares.
So HBOS is keeping its fingers and toes crossed that investors who actually want to hold its shares can be persuaded to buy in the coming hours.
To digress for a second, the way that the likes of Morgan Stanley and Dresdner hedge or lay off their underwriting exposure raises some jolly interesting questions. If for example a Morgan Stanley short-sells stock in another bank as a hedge, that short-sale can have the effect of actually depressing HBOS's share price, however brilliant Morgan Stanley may believe it is in neutralising contagion.
That said, Morgan Stanley and Dresdner have shown significant backbone in backing HBOS in a financial climate that's probably as bad as it could possibly have been. They did not wobble in the way that Citigroup did a few weeks ago during Bradford & Bingley's turbulent fund-raising.