"Asked him why Cliffs would want SPQ s piece of Big Daddy when they already have decades worth of Chromite. He answered Cliff s thinks in different terms as far as timeframes go and is looking much further ahead."

Very good question! Very vague answer...

Given this vague answer -and expected rebate on pricing - I would prefer to sell my SPQ shares after a spin of the non-chromite assets out into a New-Spider, than to have the actual Spider selling its chromite assets to Cliffs (or else). The same end result one may argue? I don't think so.

We would get more value that way IMO. A share-to-share exchange is usually better than an asset-to-share transaction. SPQ wouild get dollars for the asset sale without dilution, good, but no significant sahre price increase.

On the other hand, shareholders would get the same dollars (or purchaser's shares) for their "spinned-out" SPQ shares. And we still keep the NEWCO shares, with a new float, a new ticker, and all the potential. Psychology has a value.

GLTA.

BB.