UK cable company NTL have defaulted on their debt, making it the World’s largest default, even larger than Enron. Fortunately for 3.5m NTL UK customers, control of the UK company will pass to the bondholders rather than just shutting down. Less fortunate are the shareholder – the shares, have lost more than 99 percent of their value in the past year, yesterday closed at 9.4 cents.