NOT has been closer to fruition than any of us ever realised, if only Cliffs did not run into a Total distressed situation due to mainly the downfall in ore proces. Taxation does not help, however is not the cause for walking out of this deal by itself. What must Cliffs have been thinking, to not consolidate NOT before the negotiation of a 300.000 paged documents ? The deterioration of Cliffs has gone much faster than internally could have expected. It wanted to become a Major in just the wrong phase of the cycle or did they try to move forward, in the knowledge the rest of the company was more than vulnerable. At a certain point in time Cliffs realised, they would never be able to finance all of it. Too many bleeders in their portfolio at the time. Looks to me that NOT is the big winner from the events going on. The Liberals will not fail again, the Getting it right had more to do with batting on Cliffs to pul the project than with Noront at the time. Things have changed, NOT getting a lot of serious attention for a buy-out.