It may also be a polite "screw you" from KWG to Cliffs for initiating the whole situation. In which case, it might backfire on KWG, because Cliffs could just turn around on a dime and put in a buyout offer now for KWG, so they can just eliminate the Board Of Directors as soon as they have control. And that would not be in KWG's best interests, because KWG needs time to finish more drilling and issue an official valuation.