Misfit1,

thanks again for the in-depth analysis. In my view, there could be one more scenario: Apart from some other Major getting involved, we should not overlook the Institutional Investments, which most likely hold majority FWR (and NOT) stakes. The question is whether they would go for the CLF offer and take their profits, or play a longer game and block the CLF takeover, with the intent of getting the parties together. Of course they will have to muster >1/3rd of FWR. I still think that forcing CLF, FWR, and NOT to negotiate and co-operate in the RoF development would maximize everybody's profit in the long run. FWR management could still wind up with as much or more cash.

Time will tell, soon....... Deke