Thanks for the information. To my mind this still indicated more about Cliffs troubles then any problem with ZEN. Again Cliffs has no board representation so is not entitled to any information that is not available to you or I. Cliffs is fighting for its life (or at least that of its Board and Sr Mgmt) against activist investor Casablanca. Likely these sales show some desperation on Cliffs part and a simple reaction to the PEA delay. I can't see how it is possible to read much more into this. If Cliffs really wanted to exit its ZEN position it seems more reasonable that they would have sold it as a block, not a desperate dribble a week before their own proxy battle comes to ahead.