The key thing for an MBA is the concrete outcome experienced by the students. If ignorance has a worst kind then, surely, it must be snobbish arrogance. The idea that one should elevate Durham because of its Latin postnominals, rather than those outcomes, is pathetic. London and Harvard business schools are part of their respective universities, quite unlike the IIMs.
I'm an LBS alum, and my MBA is from the University of London rather than the University of Durham. Those two universities are more or less the same age, and they are certainly not ancient. The USA has more than 60 universities which are older. It's the people, not the stones, that matter.
PS It's ironic that someone in love with Durham should sneer about plate glass. They have evidently not seen the school:
http://www.dur.ac.uk/news/newsitem/?itemno=13610