I would think that from a total market perspective, QTR 4 may have a better inpact on its release as more eyeballs are on the market. Although one could argue that there are alot of eyeballs watching Zen already.

Lets consider for a moment that the PEA was released on time. Would Cliffs still be wanting to reduce its holdings on Zen? I think that cliffs would still be arranging crosses. What effect would this have on the Zen shareprice? Bashers would say that the PEA was no good and that cliffs is out. Maybe something else gets said, who knows.

This delay maybe a blessing in disguise. It has allowed cliffs to sell some Zen with having it taint the PEA. The shares from the cross are in stronger hands. Lets get all the potentially negative action done with so that when the PEA does come out, it will help propel the stock higher.