I will freely admit that I am no genius. In fact I am a dummy for not selling at seven bucks. I will go to my grave greiving over that. And to see I could have sold all and bought back at $0.55 really makes thinking about banging your head against a cement wall as a comfortable thing to do. But than again, I would have almost as much money as Tiger and for all his wealth, I can't imagine him being happy right now. Me on the other hand, just took delivery of a new snowmachine. We just had 20 cm of snow and I am praying for more so my wife and I can get to our cabin and forget about the outside world. The forecast is excellent, depending on your appreciation of snow. I am very happy. The machine was not bought from profits from NOT.

I sold my FWR shares at $0.53. Major mistake, but I bought at $0.20 so that contributed to my happiness, particularly when you consider my experience with the rise and fall with NOT. Given the proposed merger with FWR, I still sort of think of myself as a FWR shareholder, having done a lot of due dilligence. In analyzing the two offers, I see Cliffs paying a finite price to FWR share holders that ends their relationship with the ring unless of course they cash out and buy something else. Problem is, the taxman will take a significant amount of your stash that will have to be made up. Thats pretty sad, how can that be avoided I wonder? Also, The FWR BOD are getting $8.5 million. I wonder do they own 8.5 million shares between them? If they do, than they get $1.90 for their shares and everyone else gets a small percentage of one share of Cliffs that went down $2.49 Friday and was only $11 a short time ago. I'm glad I don't own FWR now or I would feel I was totally devoid of brain cells if this goes to Cliffs.

However, being close to total deprivation of brain cells, I guess ( I say guess because I am in no capacity to know anything) that I am in the top ten percentile to make comment about a no brainer. So here goes. It is a no brainer that the Cliffs offer is a major mistake. Ranks even higher than not selling NOT at seven bucks. It is a no brainer that the consolidation that has been discussed on these ROF boards provides the best future outcome for ROF companies. It is a no brainer that NOT provides the best vehicle for the future developement and valuation of the ROF.

The One Cell Wonder

Mike