This 'Lord' Ashcroft has done damage to the moral fabric of the country by realising information from decades ago in a petty act of revenge. The stain an ALLEGATION like this follows one for life, even more so when they are a public figure. In playgrounds up and down the country children are being not only introduced to the concept of necrophiliac bestiality, but also the concept that our leaders are not to be respected and might be into all kinds of weird stuff. And God knows what other world leaders think.
The Conservative Spin Doctors have totally mishandled this. One can only assume that when they consulted the PM about the initiation practise they learned that the actual truth was more complicated then convenient warranting an absolute denial impossible.
If the horse has bolted, the horse has bolted. Seeing as the PM has already stated this term will be his last it doesn't matter that much if he is a lame duck. However Ashcroft having a nasty mishap might serve as a warning to other malicious creeps and safeguard the Premiership of George Osbourne.