Oh oh .....shs going to be pissed off at this. Smell a major sh lawsuit??? Potentially not good news for KWG..could this non-disclsoure tie Casablanca's hands and freeze Cliff's assets for a long time.

"Casablanca Capital was pitched the idea of launching a campaign for Cliffs Natural (CLF -14.7%) by activist consultant Michael McNamara (ROR Capital) last year, reports the WSJ, and agreed to pay McNamara up to one-third of its profits.

"A review of Casablanca's regulatory filings didn't disclose the ties, says the Journal, noting a rule requires investors with stakes of 5% or more (Casablanca's was 5.2% in January) to describe any arrangement with a third party that might include a split of the profits. For its part, ROR Capital did disclose in a February filing the outlines of an arrangement with an unnamed client."