Hi Rallard, In priciple, I agree with you, however, CLF estimate for the value of FWR was $5.00 per Cliffs share not $5.00 per FWR share.

That works out to about 2.50 per FWR share.

I held on to my shares and took CLF and, like you, I'm very pleased with the outcome.

On the spq hub there is talk of a "new bidder" or "other major" coming into the fray.

I don't believe that, as I agree with you, that they are far better off sitting in the bush and buying CLF et al, than fighting for a bunch of jr's one at a time.

Cliffs could sit for a year or two and wait retail out on the spq play as there won't be too many others wanting to get into a silly bidding war for an asset cliffs already controls through KWG and former FWR. Production won't begin for years.........people get impatient........money doesn't.

KWG is in the best position going forward, imo, as they have the benefit of muscle and the potential for cash flow and we don't have to sit and hope someone will buy us out.

Also, there is a real management with business sense running the place and I'll always place my bet with a sound management over people who want to be taken out simply because they are standing in the way. You can always walk arround those types.

cheers

Carry