You are right. But, just because retail does not know what's going on does not mean there is not lots going on. I think you perhaps slightly misinterpret NOT's move, it was likely a pre-emptive strike driven by fear that CLF/FWR would emerge with infrastructure dominance. If they did not anticipate some significant CLF reaction, I'd be surprised. Next we get to see what bigger money is looking at NOT and whether they care o whole lot about Cr. Unless the Cr is strategic to someone, it may be difficult making the billion plus commitment. All in all I love NOT long term but feel Wes might have done better to seriously attempt a three-way deal rather than try to squeeze out CLF.