Just thinking here....just maybe what Cliffs really wants is a piece of NOT with all the chrome consilidated. Transactions lately seem to point to this...from my perspective anyways. Here's my thinking...

First we have the .60 PP as part of the Cliff's offer....outcome....gain more shares of FWR

Next, we have the exercise of the warrants at .45.....again, raising the number of shares that Cliffs has of FWR

In addition, the above two transactions gives FWR cash....why did they do the PP knowing Cliffs would exercise their warrants...what was the cash needed for?

Well, we have the $6 million break fee if FWR recommends the NOT offer. How could they not if this turns out to be the better offer?

End result....Cliffs ends up with perhaps about 15% of FWR. Now that NOT has increased their offer to 1 for 3.5, that would equate to about a 10% holding in NOT in addition to getting 6 million in break fees. Not a bad deal for Cliffs I'd say.

Then...next....perhaps NOT spins off the Chrome to Cliffs or another bidder (Xstrata would be a likely candidate)...anyone willing to spend the money to put in the infrastructure so that NOT could mine their Eagle's nest deposit. Perhaps they retain credits for all the PGE's as well, not to mention other prospects such as further nickel/copper discoveries and other mineral discoveries (titanium/vanadium, gold, diamonds)

I'm just saying....maybe