K, I remember what this board meant to the the vote on a reverse split, but a reverse split and a buyout are pretty different. Here, we're talking about money in people's pockets, money that might not be there if the offer goes away.

Based on the language of the NR this morning, doesn't it seem that the BOD was very pleased to get the .19 offer from Cliffs? KWG needs to step up and raise the ante or I don't know where we'll go from here. There is always the chance of another company coming in at the 11th hour, but that has to be a longshot.

I mainly disagree with what you said about the SPQ BOD deciding the price. They might decide it at .19, maybe at .22, but I don't think on their own (without help from KWG or a white knight) they can get the price up to anything like .30. Again, based on the language in the NR about the BOD fighting long and hard with KWG to get the amalgamation and then with Cliffs to get the .19 offer, I don't know that the BOD is thinking along the same lines as you suggest.

Will continue to be interesting to see it play out, though.

Good luck.