the revenue neutral scenario is true, at the time of the split. However lets not lose track of the fact that they will be doing a PP, once that is done the stock value is diluted. I stand by my statement the only ones who win in this r/s are going to be the investors in the PP. If the BOD put out a PP for slightly less than 20% , say 19.9% of the company I wouldn't be surprised if it gets picked up by Cliffs.

If that was to happen then I would agree with you that Cliffs wouldn't need to make an offer for the whole

Snug when you're talking to Neil ask him pointedly if Cliffs has had any recent discusssions with him and his BOD about taking a stake in SPQ. He's an honest geologist, if he doesn't answer or defers the question then you know the answer.

all IMHO

Joe