"Noront knows the chrome and Cliffs rail line is the answer to all of their problems so they, in effect, have made up an offering to Cliffs by taking out FWR to create a package for them. An enticing package.

Cliffs comes to the rescue with an attempt to take FWR without dealing with NOT by playing the "sentiment" card thus isolating NOT and acquiring FWR.

So we have 2 offers. One from NOT and the other from Cliffs. One is about a heartbeat better than the other."

This is one concept of the game they are playing, Donny, and it is a plausible one. The only additional comment I would make is the way the insiders are dealing. It is all about themselves, as I have always said it would be.

Consider that the two offers are "about a heartbeat apart' but yet the FWR BOD is totally against the NOT offer because it removes their ability to cash out with the millions involved in the SRP. They are for the Cliffs deal because it allows them to get that same cash out via their warrants and options. In neither case was the common shareholders rights and needs considered.

My thoughts are now going to be that NOT will adjust their offer to include only the ROF assets. All other conditions of the offer will stay the same. The shareholders will accept it, but rest assured that the BOD will scream.

Best regards

K