RJ, I like your train of thought, but unfortunately, I wouldn't be too sure that the shares of KWG that are trading right now are not falling into unfriendly hands. True, Cliffs cannot acquire more directly without exceeding the 20% milestone, which necessitates additional disclosure. However, it wouldn't be hard for them to leak word to a couple of "friendly" investment companies something like, "It would be interesting if you were able to buy many million shares of KWG in the open market over the next few weeks in the 10 to 13 cent range, and then suddenly you were able to tender them for 18 cents at the end of the month when a large corporation put out a take-over offer." If a couple of firms did that, and wrapped up another 100 million shares over the next two weeks, and guaranteed to tender to Cliffs when an official offer came out, there is no doubt in my mind that Cliffs would be able to get their 50% here too.