Excellent post. Also there is the possibility that after NOT gets 34%+, a major will bid for NOT. If that happens, then NOT's SP would appreciate substantiallly and a renewed bid for FWR might be at say 10 FWR for one Not.

Anyway I sat down with a pen and piece of paper Thursday night and your analysis was pretty much what I was thinking; so I sold my FWR Friday morning and bought NOT. (I hope my shares were bought by someone who tenders to NOT.)

Some think that a major will come in a the last hour and make a knock-out bid for FWR but I doubt it. If they do, I lose. I don't think that will happen and decided to take the chance.

I also don't expect a renewed offer from Cliff's because I don't think they really want it.

Oh well, I moved my chess piece and I'm comforable with what I did. What are you going to do? All JMHO.