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"I wouldn't be surprised if Cliffs doesn't make a run on them [NOT] at around $3-$5 a share."
Joe, I would be extremely surprised if they did that. This is the NOT that is trading around a buck and a quarter on a good day, right? My guess is an offer for $1.75 starts it out, and it's gone for under $2.50, if Cliffs decides to go that route. Even Cliffs may have to digest a bit now, perhaps a run at KWG, and then they'll wait a while.