I like your angle, ANBCA, just don't think it will float. Would be nice though.

If Cliffs gets their quota then all outstanding shares will have to capitulate (you'll have no choice) and Cliffs will pay the nineteen cents per share. So there is no need to tender to Cliffs. If you do the shares cannot be traded on the open market and you'll not have the cash to buy something else until Cliffs gets around to depositing the cash in your account.

If you are worried that Cliffs could walk if they don't get their quota and the share price may slide down in the market then you would be better to try to sell them on the open market right away.

At this moment I've decided to hold my shares until I see what transpires. I will not tender to Cliffs - bad idea for the reason mantioned above.

If Cliffs walks, the goods are still in the ground and a whole new play will open.

All my take - decide for yourself.

Gleegee.