I am sure that once any investor aquires a 10% stake in a company, they are required to file their transactions as public information. Back in the old days these reports had to be made at the month's end. With the computer age I think this has been shortened so reporting is more closely related to the date of purchase.

I do not think they intend to sell what they own in KWG either. They have no reason that I can see to do that. What they will do is what any of us do and would do in their position. Buy what they want as cheaply as possible. Nobody in their right mind would buy something for 50 cents when it can be had for 19 cents. I'd expect another 2 or 3 cents at the most.

I watched them take out FWR closely. Back then it appeared there was enough investor ranting to hold for more, I actually believed that FWR holders would defeat Cliffs. So far the difference is that the Spider BOD is with the shareholder. How long and by what methods can they continue to thwart Cliffs?

I'm in favour of the merger because together we will control the JV. This is the only way any of us will get more than 21 or 22 cents. Otherwise we have no leverage to bargain. We have nothing to lose by merging. If I read the information correctly, Cliffs has said they will attempt to buy out the remaining dissident holders of Spider with the same offer that succeeds. As I see it, this should be an encouragement to merge. We have nothing to lose.