Been 'norwalked' for the past couple of days so this will be short.

The key argument of the FN is that under CCAA (bankruptcy) proceedings the court is obligated to get the best price for the company's assets which normally includes seeking out all potential bidders. The FN are claiming that the court failed them in that obligation by not approaching them. Everything else is smoke and filler.

My read is that the CLF sale of chromite assets was public knowledge back in 2014 with KWG, NOT and others approaching CLF to buy the assets. If the Matawa or any FN or you or me wanted to make a bid they/we could have done so as well. It is likely that the courts deemed that the best way to realize a sale of the assets was for the nearly completed deal to be completed. I don't see this going anywhere.

So now we are back to what are we willing to give up (sell), JV etc to get a deal done. Everyone including the Matawa and most shareholders see big dollars dancing just out of their reach. I'd rather have the dollars in our wallets.

... Been There