Hey Hoov,

I'm not sure I agree that KWG is over a barrel?

Here's my thinking;

An independent valuation has been requested by Cliffs for KWG. By making an offer to SPQ for 16.5 cents, Cliffs is setting a value in turn for KWG. There was a theoretical value difference in the merger contemplation of 1.21 to 1.

If a valuator calculates the value of the NSR and uses the 16.5 cents cliffs just confirmed then a valuator could concievably reach a value higher than the price Cliffs has offerd for SPQ.

Cliffs is still committed to both companies. One is just easier to buy than the other.

Jmo............Carry