Well, the FWR bid is a major new short term event. Let me also point out that in several recent posts I predicted NOT sp will be pushed up significantly in the next week or two. Regardless, the only possible reason for the pre-emptive bid on FWR is a fear of CLF's leverage, because that is the only thing that changes much if NOT were successful. I am simply being realistic, trying to distinguish short term considerations from long term valuation. NOT will be much higher long term in my view, it is just not very liquid currently.