There is much talk about Cliffs, pp's at price x.xx etc. I don't know where people come up with these ideas and numbers but each one should be prefaced with "this is what my imagination thinks is possible in the event that a,b,c and x,y,z variables are all met." My own imagination finds it difficult to gauge how one would come up with a pp of .60 for FWR at this point in time. It's not impossible but the point is anything else is equally if not more possible including .25 or 1.25. Assuming that Cliffs will be the uncontested party that somehow absorbs the key players in the ROF is also another big one to swallow. With billions of dollars in the ground and a CEO at FWR who indicates that we won't be sold cheaply, to say nothing of what NOT et al would want, I can't imagine Cliffs, who allegedly has a budget to make inroads on the ROF, having enough to meet expectations of investors in the companies concerned. Personally I think we'll simply have to wait and see as I haven't seen too many accurate predictions on just about anything concerning the ROF in the last year. Lots of creativity.... but little accuracy. I think the final play will be something of a hybrid of ideas that folks have put out there with different numbers and a cast that has some surprises.