What happens if NOT gets about 25% or so of the FWR shares, and, together with other non-tendering shareholders is able to stop Cliffs? Let's say no PP shenanigans between FWR board and Cliffs, and Cliffs walks away. Now, NOT owns 25% of FWR, and my guess is FWR stock falls after all the excitement subsides. That can't be good for NOT share price.

Lots of great posts and analysis and conjecture today. I mentioned something about karma and hubris on Sunday night here - stock hasn't fared well the last couple of days. It's almost a sure thing that when a natural resource board gets really excited about something, and a price rise is all but a given in the banter, the opposite happens. Perhaps that is because the price has already run-up in anticipation of whatever has excited posters, and posters have already invested their bottom dollar in the stock.

This play, once it's all done, will serve as a tremendous experience, certainly in respect to learning and also as a result of the fact that it is closely tied to a complex set of circumstances, with many unknowns.

I continue to feel that the NOT board has been masterful in this play to date. I do wonder about what happens if the situation I posited above obtains. Could NOT have a strong feeling that if it were to control FWR, it could sell itself to a very large player? It would be incredibly interesting to then see if the NOT board would attempt to pull the crap the FWR board is now pulling on their shareholders. Don't put anything past anyone in the securities business!