....and accept the offer from Cliffs, I will get approx. 122 shares of Cliffs ($42.50, which is about $45 CDN, divided by .55), which would have a total value of $5,185 and in addition, 10,000 shares of the new FWR, valued at approx. 15 cents a share = $1,500. That totals $6,685 ($5,185 + $1,500). The upside is that my 122 Cliffs' shares could increase in value AND my 10,000 shares of the new FWR could also increase in value. The downside is that all these shares could decrease ot stay the same in value.

If I accept NOT's offer, I will get 2,500 shares (1 for 4) of NOT, currently valued at $2.30 per share, which equals $5,750. The upside is that my NOT shares could increase in value. The downside is of course that they decrease or stay the same in value.

If I sell my 10,000 shares of FWR right now, I will get $6,400 (10,000 X .64). The upside is that I have the cash in hand and the downside is that I have no shares.

So, with option # 3, I would have the cash in hand to buy any shares I choose to. I could hope that NOT's, Cliffs' or the new FWR's SP went down, so that I could get my shares cheaper or I could buy shares of any company I choose to.

But IF I want to still be in the ROF game right now, either through NOT's or Cliffs' offers, then I must accept one of the first two choices. Which one has more upside and the least downside is the question. I choose not to speculate.

If my numbers are off on any of this, please correct me.

Respectfully,

strato