Cliffs owns something like +12% of FWR. I realize that nothing will be resolved with FWR/Cliffs until after their Jan. meeting. Like other say, and I buy into, all NOT needs is 34% and Cliffs fails with their bid. That's assuming nothing changes in the meantime. Their will be a lot of FWR shares not in Noront's hands after that meeting. I think the BOD of Noront would be fools not to extend a similiar offer to gather in these shares. How could it be illegal for Cliffs to tender the shares they own? That is how Cliffs will own quite a bit of Noront. Just how I see it. About 16 hours until the excitement begins.