SRV asks a very good question. If FWR and SPQ had splitted their non-ROF (non-chromite) assets in a newco before the Cliffs's bids we would probably have ended with the money + shares in an ongoing corporation that would have been dividended to shareholders prior to the take-over. While UC may not be a short-term target at this time, Jim would be advised to make the split ASAP. (A problem remains as to how to finance and partake the funds between the corps).

It would be easier to negociate an exclusion of Newco during the process of a friendly bid also.

GLTA.

BaBe.