"In addition if Cliffs would have been willing to pay $2 for FWR shares, or almost ten times what the market was saying before the offers surfaced then perhaps we are worth ten times what the market is valuing us at now. So $15/share does not seem unreasonable to expect."

So does that mean that if you bought a house for 150K that you could afford the next house for 1.5 mil?... or a 250k house for 2.5 mil? Though we might desire it and ascribe those values to the house, it doesn't make it the next logical transaction, particularly when you factor in market conditions, haggling and the unforeseen. If you think about houses they also tend to acquire similar sale prices from other sales in the same neighbourhood, used as a benchmark. One might consider that they felt FWR was a fiver from .20 and perhaps they think NOT is a double from 1.60 or a triple. Frankly I expect the players to want out before the next hack in the market which will come at some point. This doesn't necessarily mean a sale of NOT, but as the sp rises on the next run up I suspect a lot will be leaving under the current of those rushing to get in.

Who knows, if we're around long enough or something comes out of the woodwork perhaps we'll fetch $20, but we already know CLF and anyone else will pay as little as possible. Much will depend on our BOD and who they've invited to the dinner table. A few felt that a certain stock would fetch much more and were..... gob smacked instead. I wonder if anyone can cite a stock in the mining area that sold for over $8 in the recent past? Seen lots go for well under $5. Who owns the lions share of NOT at the moment.... those holding for bigger payout or those happy with a 2 to 3 bagger? FWR was obvious. They got a fiver from .20. Some would say pretty darn good.... unless they had a lot of shares from a much higher price. Where do you sit?

The above is just some mental exercises and pondering. I make no claim to it being what will happen, only that they are scenarios within the realm of possibility.