Morning Powder, Even if the Cliffs director on KWG bod resigned on the 21st he is still considered an insider for several months as the information he has still has a "shelf life".

As such Cliffs is barred from buying in the market. imo

As soon as a company makes public it's "intent" to aquire another, that constitutes an offer and they can no longer trade in that stock.

However, Jones was a big buyer in the fwr deal as well. Prior to yesterday they had not purchased any shares of spq or kwg. That notwithstanding there are many arbitragers and investors who will follow dealmakers like Cliffs and buy up stock in the early goings of a deal with the intent to pick up several percent in the spread.

for example, if they buy 100 million shares at .14 for a total of 14 million dollars and then vote them with Cliffs and sell them for .....say .17 they can make 20% in a couple months. What is a miniscule increase to a penny stock trader becomes a big return for a short term volume trader on a specific deal. They will vote with Cliffs even though there is no direct connection between them, simply because they know it locks in their profit. Ask yourself........if you had 15 million to invest and could make 3 million in two months almost guarranteed. Do that 3 times a year and you are living well!.......... So, if it was you, would you vote with Cliffs or a bunch of weak retailers?........sorry, but that is reality!

They gamble on the increase Cliffs may be forced to pay initialy. They don't gamble on larger unknown returns driven by upset retailers. Cliffs walks.........they lose............These guys don't take chances on losing.

jmo............Carry