My post last week about the 3 options Cliffs had and my opinion they would not do #3 , proved to be wrong. So much for that. They obviously have some strategy in mind and trying to figure out where they are coming from is certainly going to require much dd. The chat line on SH is buzzing about many possible scenarios they might employ however, this only came to light last evening so everything is still in a state of flux at this time. I heard, and it was proven, KWG has no shortage of people wanting into our latest pp, so in that regard the $3 million was obtained. I personally think our management has to do something striking to notify Cliffs that we are not going to sit waiting for their handouts and even though we are supposed to be looking elsewhere besides Cliffs for a White Knight, ink something concrete and REALLY play it up big so we will not be seen as waiting for crumbs falling off Cliffs plate and are a truly independent company with other choices and strategies beyond waiting for Cliffs next move. As to the share price on Monday, with Cliffs declining to participate in the PP, it is anybody's guess what will happen, but our value and assets are still intact and will only improve with further drilling ( we hope) and news on the railroad. We are the operator of Big Daddy only until next April so time is certainly of the essence, as they say in Real Estate, and we must make very sure they will not try and cut us off at the knees when we are forced to relinquish control to Cliffs at that time. rj