Steem lost a lot of credibility with the ninja-mine and it may lose even more credibility if you fork @neds steem away, because you will set a precedence that could later be used to fork anyone's steem away.

Also the damage from ninja-mine has snow balled and there is no stopping it. @ned and @dan used their ninja-mine to upvote a small group of people. Then these people created a voting ring and have been in control of the reward pool ever since.

Forking @ned's stake away will only help the voting ring to continue to sell steem at higher price. If you really think steem is worth salvaging, then allow @ned to power down his stake and buy it, so, you can reward decent content.