Facts:

We all know cliffs already owns 20+% of KWG

They have Options for how many more...?

They are directing the shots if not calling them ie kwg uses companies associated in the past with Cliffs(contractors and engineers)

They have the funds available to buy or get control of kwg without any fuss and friends of cliffs probably snapping shs up for the last couple weeks. you dont need direct ownership to control a company you just need the right control over the required shares...10 groups owning 5% each with a similar agenda swings a pretty good bat.

Clifs owns 45% with fwr and 20% of 27.5 % (kwg) they have a good chunk of control already.

The only hold out right now is SPQ. NN is the renegade that might make clifs pay..heres hoping some other major wants in.

Anyway if you happen to own all 3 (I am keeping my cliffs aquired with FWR) and hold spq and kwg for leverage I dont think you can loose....