"In my view the Courts would side with KWG. Since Cliffs would most likely not want to get involved in a losing lawsuit, and potentially have the property put on hold during this period, they would instead do a deal with KWG."

All taht is said in the waiting is pure speculation... But the possibility of a court action by KWG right now is far from impossible. Upgrading the Combination Agreement can be of no use to KWG because Cliffs may always drop a few pennies more...

Cliffs is squeezing KWG (in which hold 20%) in an abusing way. They also use the market to help them. All that, in their exclusive interest, to the detriment of KWG other shareholders (80%) just to get control of Big Daddy for their personal use.

Discussions with Cliffs about this alternative (court action now or later), may be had at this time. If KWG does have a case, they won't be bothered by Spider (a 'friend' presently). In the meantime, if a court order is issued, all the transactions (take-over and merger) would be frozen, but business would continue, including the drilling program. Not bad a situation for us then ('us' meaning both KWG and SPQ). We are not in a hurry to close. Cliffs has more to lose to being slowed down by a court interlocutory ruling. Just speculations.

We should send a flurry of emails and phone calls to both KWG and SPQ to express our general feeling. I did send myself 2 emails to each twice since the last 10 days. There are a high number of retail shareholders in these plays. Also, it would be interesting to have a hint about what Joe Dwek Management thinks of the situation...

GLTA.

BaBe.