This goes back to something Herbie wrote yesterday that I thought was right on the money.....

If the instutions (Pinetree, Dundee....) are in favor of the NOT offer and have tender their FWR shares to NOT (and they tendered them last week) then those shares are no longer in their control (essentially off their trading desk - defined as N/A until after 12-11-09).

So that would free them up to purchase much more of FWR early today (alot more), with out having to caim the >9% thing, then tender these new shares to NOT before the COB today.....this is at least my theory about the huge crosses this morning.

If Cliffs was the buyer you would think that the large volume crosses would have continued through out the trading session.

Any thoughts...?

SD