The real issue is that evaluating this offer has less to do with NOT's value than what a third party such as CLF is prepared to pay to gain a footprint on the ROF chromite. If CLF wants that footprint it can afford whatever it is prepared to pay. NOT has only its own paper. This move by NOT could be an 11th hour attempt to stave off CLF or other third party. However, for us small shareholders of NOT, the entry of CLF would be great because it would support a higher value for the undiluted NOT. Its hard to imagine CLF not following through, considering NOT's bold move.