For those who have second thoughts about having already tendered SPQ, or having sold into the open market, don't have those thoughts. If you're really worried, buy back in, on the open market, or cancel your tender. But I don't think that's the best approach.

Yes, it would seem that there might be some more action to come. However, I believe that KWG offers more upside.

Although I already converted my SPQ to KWG earlier in the week, I couldn't help but get a good feeling. The National Bank purchases have me curious. I picked up another 100k just now, just for kicks. Maybe it's nothing - maybe it's just someone who happens to be using National Bank who is interested in investing less than a million. Maybe it isn't institutional buying.

But regardless, I think that KWG has a bright future. The worst that can probably happen would be for Cliffs to buy us out quickly in the high teens.