well over 50% of it's mass would be ablated during atmospheric entry and 55,000 mph is a little over half of the Space Shuttle's velocity upon reentry. Not saying it wouldn't be bad if it hit a city, but even if it did hit Earth, the chances of it hitting a populated area are pretty slim.
Oh well, I guess it's still kind of interesting. Glad someone's moinitoring the situation in sace we have to send Bruce Willis up there to get all 90s on its ass.