ANL,

"Too cheap for their effort" was made in the context of FNC and some off-shore deep-pockets who seem to think diffrently than you and me. They were not interested in small deals. Some would get the marching order to make deals at a min of $100M/deal to make it worth their effort.

NOT case is quite different. It already has a major insider (RCF?) with a sleeper Baosteel at below 10% (they are flying below the radar, but strangely enough it has one of the guys on the BoD, so that would make Baosteel an insider?) with an option to increase their holdings to just below 20%. Yes, in this case perhaps this 800 lb gorrilla would just let NOT do all the hard work and let the RoF saga unfold (government, FN, etc..the road, the RR to sort themselves out) before committing. Baosteel may even look beyond McFauld's and use NOT as a pipeline to suck in the cheapy FNC (which is in the middle of a proxy fight) to get at the Fe and Ti holdings in Quebec.

Just my speculation.

goldhunter