"

That's why IMO, after Dec 11th if the NOT deal is off the table and Cliffs does not change the terms of their agreement (like lose the 66% clause amongst others) that FWR could be left to waiver in the wind with a disgruntled BOD with a new BOD member from NOT at the table. In that case I think it's effectively 'spinning it wheels in the marsh' and its SP could be left for dead. Then I would expect several NOT backers to accumulate over time in the future.

Of course, I am a complete amateur - but there's some thoughts to kick in for you.... "

You might consider yourself a complete amateur, and conceeding you are, them my question to you is...." how did you come up with this explanation?

There is a certain person on the FWR site who has a big ego and is giving some very bad advice. In fact he has for some time. Those who will not tender their shares to either Cliffs or Noront will still own them. You mention the BOD that they will inherit. You can be sure that Noront and Cliffs will have representation. In fact between the two, they will control it. Anyone who expects them to fight over the furture direction of the FWR assets is dreaming. Both these interests are in this to make money. They will co-operate and work together.

I do not believe that Cliffs is really in this to own the assets of FWR, nor do they want to get themselves involved in developing this chrome. They became involved because chrome is important to them, not now, but down the road sometime. We all know about the problems coming for the major suppliers, so that is why Cliffs is here. They took an interest in both KWG and FWR so that these two had money to prove up the ore body. So they find themselves stuck between FWR and NOT, and being associated with Mac, they helped him and his BOD. It's just my opinion but I think Mac went to them for help to fight off the NOT bid. I have a sense that Mac is very angry at both Noront and Cliffs. Cliffs have really helped themselves to quite a bit here and are happy for the early " Christmas " present. They are going to own a nice growing in value chunk of Noront. They come out a winner no matter what happens.

To conclude with Cliffs, had they wanted the assets of FWR to continue their development, they could easily outbid Noront. So far they have not done so. It will be interesting to see what they do, but I expect they might sit tight. I hope they do because it will be the best thing for everyone of us, shareholders of NOT, FWR, and Noront and Cliffs as companies.

With this preamble out of the way, let's consider this advice about not tendering your FWR shares. Anyone who plays chess knows that before you make your move you had better look carefully at its consequences. You really have to look for your opponents next move and its worst possible outcome to your position. So what is the worst outcome to holding your shares. A few posts back someone suggested they would become more valueable. Sometimes, as this person hopes, scarcity makes something worth more. It does only when that item has value. Then the fewer items there are the more value they have. But if the few items are irrevelent and not needed, they have a greater chance to become worthless ( or just about ). Someone is going to accuse me of scare tactics. Before you do, forgets the emotions!!! Think objectively. This has happened.

Cliffs will have a nice load of Noront shares if Noront goes on to win. I am sure they will unless Cliffs surprises with an improved bid. From the posts I've been reading, to satisfy most the bid is not coming. Cliffs might even get more shares tendered to them, but most are going to Noront. So I expect both to control up to 70% or 80 %.

That would leave up to 20% to 30% still holding FWR shares. Who really needs them? Now my experience in the markets is that whenever nobody wants the shares, with less demand the price declines. Those who refuse to tender may very well hold 50 cents shares. I don't know what they will be valued, but for sure it will not be 85 to 90 cents. They will not be important to anybody to develop this area called the Ring of Fire.

This happened some years ago and I cannot recall the company. The minority group still owned their shares and demanded the true value they thought they were worth. I watched this play out over quite a few years. Gradually shares that were offered were bought up by the parent company. Nobody else bought them and they went below what this group was demanding. Some just gave up the fight over time and some died and estates were settled. Over time this desenting group grew smaller, and once below 10%, the parent company went to court with them and they were forced to settle for the lesser offer. I don't think any sensible person with FWR shares wants this.

In closing, my advice is to check this out with a reliable source. Laws may have changed but I do not think so. I do not ask you to trust me, but I do encourage you to check it out for your own DD.

And to brattymack, I think you are humble but no amateur. Thanks to all who have written some good posts recently once the emotionalism subsided and reality set in. The coming week will be exciting, for the best, I hope.