goldbarron,

Given the current situation: SPQ 30% of the JV and KWG at 15% and they both have the ROFR (proportional to the current stakes). If both exercise the ROFR then KWG still end up with a minority stake 33% versus 66% (SPQ +FWR =CLF). I am not hopeful that the situation could be changed. In fact, KWG may decide to sell its 15% stake to get some additional cash, despite the statement made by Frank "we will see in 45 days" or something like that.

It sort of a done deal as far as I can speculate. There is a possibility of getting NOT involved, but because of the ratio in the ROFR exercise I'm not sure that NOT can do much. We know that CLF won't let go of its ownership of the JV, so there is no chance for a fight here.

Just my take.

goldhunter