Astute thoughts on the timing of upcoming weeks.

The question that came to my mind after reading your comments is whether or not SPQ can throw a wrench into the works tomorrow morning by stating, "We have received a Superior Offer from KWG, and will respond to it within three business days," or something like that.

Further delay tactics.

I'm leaning toward this not being a possibility, because of the onus on Spider to get the best deal for their shareholders. Although they may currently believe (probably correctly) that the merger option is the best deal for their shareholders, I would think that their legal advisors would argue against a delay, depending on the situation at this point.

If the offer by tomorrow were to go up into the twenties (by KWG), then I believe it would probably be the duty of SPQ's Board to allow Cliffs to put in a competing higher offer, whether or not SPQ wants to accept it.