I believe Mac sniffed out NOT's intent a LONG time ago, and that is why I believe he had CLF firmly involved in the first place. That is the only way he could prevent NOT from trying to squeeze it out for 10% of what its worth. Why did NOT not try to deal with FWR much earlier on a 4/1 basis ? They likely thought they would get it for a lot less through market squeezes on FWR until they realized CLF had deep pockets and perhaps others were not going away. Now we have a real contest which will not harm NOT valuation much in the long term but means they have to share the road short term with FWR. Consolidation at this point as a rationalization for a hostile bid ? Think about it. Yes, business as usual, yes, but the smart money does not get fooled that easily.