How true... so very true. Cliffs is not philanthropic. They want Big Daddy cheap, the cheaper the better. This tiger ain't going to change his stripes.

So it's come down to a poker match. Flipping the chips. Stalling for time. Holding the cards close to the chest. Silence by Novak and Smeenk is like a good pair of sunglasses. You can't see the eyes. "What's happening behind those eyes?"

Sooner or later, however, you got to show your cards. I prefer the "merger cards", unless a truly superior offer comes in... how about $1 per share?

Otherwise, Mr. Cliffs, we've got a merger and you've got 9% of the company. Sound good? Hummm? Didn't think so. Whatcha got in your hand?

Snug