So why would Peter dilute by about 25%?

With a single buyer it could mean change in control of FNC and Cliffs or Noront (Baosteel) or others have the 6 mil and change if they want it. Maybe its been forced on mgmt?

Or it could be a poison pill type of thing adding 25+% to outstanding to buy some time (muddy up the waters) until the big reveal is ready. Perhaps it is not even going to happen.

Maybe the 6 mill has been on the table for a long while waiting for sp growth based on all the CHM news that did nothing for us or them and now it is the 11th hour and this is the best the market has to offer us. A hard bargain to take, but a must to take.

Who know this may just be the catalyst for the end of Peters rein at FNC.

Rago, what do you think is going on?