Thanks everyone for a reasoned discussion to this point.

A couple of things come to mind.

1) I think I can reasonably state that everyone is looking out for #1 - including Neil Novak.

2) I think I can reasonably state that Neil Novak (and the BOD) want as much money for their shares as possible.

So why the NR? Some of the discussion to this point has dealt with:

"The Company's future performance is largely tied to its ability to raise equity financings, without excessively diluting the interests of its current shareholders. The proposed Consolidation will enable potential investors to better evaluate the Company in connection with future equity financings of the Company. The proposed ratio will help the Board to mitigate potential dilution, depending on the circumstances under which the Consolidation is implemented."

It seems to me that Neil is dealing with "optics" - how potential investors view SPQ (with a very large number of shares outstanding). It also seems to me that Neil is looking longer term.

And why not? I don't think there's going to be a deal with Cliffs any time soon. They're happy to sit with a certain percentage of shares in the joint venture at Big Daddy. The whole government and FN thing is still very much "up in the air", and if negotiations go "t**s-up", Cliffs is in the same boat as the retail investor IMHO.

I think that Neil and the SPQ BOD want to have the option of a Consolidation of up to a 10:1 ratio simply for optics and future growth. Our time horizon may be longer than we think - unless Noront decides to take another "swing for the fence", which I honestly don't think's going to happen.

One final thing. I know that Neil is happy to take phone calls at the Toronto office. Everyone needs to get a better feel for the future. Especially with Cliffs lurking in the background. We know what they want. What does Neil want? And how's he going to get it?

All IMHO. And thanks again for the reasoned discussion.

Snug