It's a serious match; but it's also a psych game. Weaken the shareholder's expectations. 13 to 16.5 cents. Hummm. How's everyone feeling now? A little deflated? I think so.

Unless I'm mistaken, it's not the last offer unless many shareholders cave, and Cliffs gets 50.1% of shares. In fact, if we're all really strong (ie., do a "psych inflate"), we (the retail shareholder) will get 66.7% or more for this challenge plus the same for a merger.

Spider Resources is the lynch pin. I suggest that we keep it firmly in place. Cliffs wants Big Daddy real bad. And Neil Novak knows it. He needs your support. Again.

Snug