"Something is definitely awry but I am quite certain we will all have a clear sense of what was really happening behind the scenes in the next couple of weeks."

What could NOT have done differently from October 13? I suppose they knew the Cliffs offer was coming. They knew that they had no seat at the CLF-FWR negos. Persona non grata.

They knew Cliffs ideas about the open pit, they had to be part of what's going on. Would Wes just wait and do nothing? No way NOT could make a cash offer... So, they made this 4:1 offer while CLF-FWR were writing their deal with their lawyers. Conditional that a minimum of 66 2/3% of the outstanding shares be tendered to them. Cliffs file its offer. NOT come back with its 'final 3,5:1 shares, 7:1 warrant and waive the 2/3 condition' Counter. Cliffs come back with a raise, and finally makes an all-cash takeover...

I still believe NOT's move was a brilliant move. Defensive, maybe, but brilliant, given the circumstances. NOT is now sitting at the table with many shares (___%). (Eager to fill the blank!) NOT has become Persona grata. What else could they do ? 2:1? Let's stay grounded!

They did what they had to do: a move. The best they could do with the cards they had on hands. It may not the end of the battle, though. We'll see. But even if NOT is a minoritary FWR shareholder, NOT is now a Partner, standing, and voting.

I am still comfortable with my 3,5:1 shares and the candied 7:1 warrant. Tax deferred. May I be a loser on paper at this very moment? Perhaps. But I'm here for the long run. And I think I acted in favor of my other ROF positions. Hey! A loser is not a loser without first being a sellor. The other way around is not necessarily true, though. I could have sold my FWR 1 buck, and used the after-tax money to purchase more NOT? I'm not a player, I'm more an investor, I think.

I like to have fun investing, however. I'm a happy investor right now with my new NOT shares and my sweetie warrant... no tax... Oups, sorry I'm repeating myself!

Good luck to all!

BB.