I certainly agree that the holders of FWR are not the type of investors who would want Cliffs shares. The only reason for a FWR type investor to go with a Cliffs deal would be to sell in order to buy back into the ROF or some other high potential play - I don't know of any other play with as much potential at this time. Some one else recently made the point (sorry I don't remember the handle to give proper credit) that if the institutions turned thier shares over to Cliffs, sold them and then tried to get into Noront it would send Noront share prices soaring - I agree. So perhaps $1.35 would not be enough for the institutions to bite. However, if Cliffs is serious about adding chrome to its product offering they are going to have to up thier offer for FWR quick or make a deal with Noront, or perhaps the KWG/SPQ/UC joint venture partners.