Thanks for an excellent analysis. CLF's sudden hurry and pre-emptive bluster tells me they may be suddenly concerned about a third party entrant. They are in a very difficult position to use the extensive knowledge gained inside against KGW shareholders without a publicised valuation. That is purely a civil , non-regulatory issue. Additionally, why would CLF want to go down the road with the legal encumbrances imposed by the existing SPQ/KWG jv agreement when all they need to do is offer equivalent price for KWG. And just think of those really big guys watching all this who did their dd long ago. Perhaps they enjoy watching the clock and watching CLF run around in the wash-tub. Looks like there are at least three steps left in this tango, and a lawsuit being a least imagineable fourth. CLF obviously does not want to get ping-ponged into higher prices, but needs clear resolution and control of the KWG issues. CLF will come out a major winner even with a generous resolution.