Actually Mord benefits from Spell vamp immensely. Since his abilities are close-ranged, he's up close and personal. Admittedly, spell vamp would just be a back-up to his shield. but in a team fight with lots of AOE's going down, Even if there were enemy minions they'd be dead in the cross fire so Morde wouldn't have an easy place to recharge his shield.
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That one would be one of my first items if it were real. And to make it a fair price it would be 2800 gold.