one thing to keep in mind re. Cliffs warrants is whether or not they were transferrable.

If they were established as non-transferrable warrants, Cliffs has no choice but to hang on to them. They have until December 2015 to make their minds up what to do with the warrants at such time.

I suppose Cliffs could have exercised the warrants and dumped those 1M shares back into market during their selloff this summer, if they so wanted, but with Casablanca running a tight ship over there these days, it would be a tough sell to ask for $1.5M for such a move. Cliffs has much bigger in-house items to clean up right now.

just my take.