I think you are correct about Cliffs not owning any apreciable amount of stock... although they could still have lock up agreements with Pinetree and Iwentish for a good chunk of stock ... if they were looking at making a move on PRB as a whole.

Now if they are looking at only ofering to aquire the Chromite asset then they do not need any stock or even want any stock... This is what makes me think that Cliffs will offer PRb cash on a tonage, grade location basis.... via negotiation.

Looks like there is movement toward my stink bids...LOL