First thing....I do own both

Second.....I believe a combined NOT/FWR is best for shareholders of NOT and FWR and shareholders in other ring of fire stocks

Third.....I would prefer, based on trust issues alone, an FWR takeout of NOT where FWR would control the board and management

Keep in mind....the offer....next to nil in cash....share exchange

The market is telling me one of three things

One....NOT's offer is too low....they may have to up their offer to about 1 share for each 3 1/2 shares....based on current prices...or FWR counters with a offer of 3 or 3 1/2 shares for each NOT share

Two....FWR share price is overvalued and will come down to match the 1 for 4 share offer

Or three.....NOT share price is undervalued and will go up to match or exceed the 1 for 4 share offer

I am leaning towards one or three.....both will do well for shareholders of both NOT and FWR...if no counter offer by FWR, I will vote my shares to accept the current offer (assuming the prices line up even again, otherwise I would sell my FWR and just buy NOT)

On a final note.....these ring of fire stocks have provided a high level of excitement for quite some time now....my feeling is that it will only get more exciting

P.S. I also own some KWG, PRB, UC, FNC, BMK