First, I do not think you are wrong and for discussion purposes really appreciate your post.. But, you do worry too much about the results of a sneak attack/offer. While you logically see the larger shareholders possibly/more likely to take a 2-3 X gain and run, with retail hanging in for more, it will mostly work the other way. The Sprotts and Pinetrees have enough losers and dead money in their selections that they cannot and do not 'give the jewels away'. So, if anyone is going to hold fast for the realistic time/risk based realizeable value, it is those guys. We are very fortunate to have them leading the shareholder list. To look at your concern the other way around, how would retail react (for hypothetical example)if they reduced their positions to half taking $8 per share cash ? I'd be worried, personally.

These guys collectively know more about dealing with CVRD, Xstrata, Norilsk, Teck, BHP, etc. than Noront management could ever know. They definitely know the difference between Ontario and Ecuador. While that is not their job, it is they alone that protect us from the non-equity owning banks and financial middlemen who have little to no stake in whether it is a 3X or 30X price.