An offer wouldn't start at 1.50, more likely .45 -.60c. Then no votes would take it up to .85c. Champion-related companies -like Cliffs- might top a bidder at $1 and effectively shut it down cause most can't compete with a major. But if Wisco competed with Cliffs, that would be fun. Keep in mind, it's not just Fermont, it's also Magpie. Also Champion had first rights and Magpie hasn't had an IPO. At this point, if a takeover is inevitable, Smith begins threatening to selling off key properties - Fermont to CHM for 50 million (.50c/share), Magpie to Chinese for 50 million (.25c/FNC share -I think he already had an offer at this price), Lac Lamalee for something, RGX, etc... In other words, there are two thoughts to an offer, basing an offer on the current undervalued 3-month average or basing an offer price on what would realistically be successful. I believe to get a yes vote from management not voters (due to poison pill), offer negotiations would begin at $1.00. That's all speculation. I could also put two and Two together: Smith said on one occasion that FNC has already had offers which he rejected. On another occasion, when discussing offers, he said there is no way he'll sell Fancamp at $1.50 per share. I think he's had calls offering 100mil for Fancamp. Smith and Granger have said with the right moves, they can get FNC to between $5 and $7 with the current assets. I feel comfortable knowing managemeny won't let FNC go cheaply. In summation, there are a few things we need: 1) recommendations by large houses at higher Marketcap then our current one, 2) sell offtakes of Magpie and Lac Lamalee, 3) get control of Pat's share of Magpie to a Wisco-type-company who seeks to replicate their success with Consolidated Thompson. This will give confidence to address Mapie value in the IPO. -SG