the wheels are in motion to kiss us goodbye.

mf just sold to another fund - because they like the properties - yeah right! they like to sit and watch grass grow as peter drills the beauce.

peter and pat argued about magpie and how to proceed. peter was wrong.

pat sold his fermont interest to chm.

chm has a minority partner and wanted to buy them out - peter said no.

chm has right of first refusal on lamalee

mf owns chm - mf owns argex - mf owns fnc. -

pat and fnc own lamalee and magpie.

connect the dots. and mf and pat and new fund that just bought control over 35% so they do a deal whereby chm buys fnc - cheap - and gets remaining 17.5% of fermont - and does a deal with pat to get his 50% magpie and 50% lamalee and now they own it all - 1billion plus of iron ore at magpie - lamalee is bigger than fermont -

what other incentive does one need.

the only problem is that we don't get paid our $2+ for fermont our $2+ for magpie and whatever else we own...

just one more theory in the consolidation process.