DD will be an instant bonus for KWG shareholders when spun off. But this may play in to the hands of Cliffs if done too early. They could make a move to buy a controlling interest in DD in order to control the RR right of way and also as a means of purchasing back the NSR.

For these reasons I don't believe we'll see these assets divided until after the buyout price is nailed down.

Probably a positive for Spider if my feeling is correct.

A