I accept the $0.50 warrants and that the original investors won't give in until they put up a fight but HBM vs. CLF ? Come on.

HBM - $2.78 billion market cap with 151 million shares outstanding - too small to bargain

CLF - $10.24 billion market cap with 135 million shares outstanding - too big to lose

I was at the HBM roadshow at the Sheridan two weeks ago. HBM will not invest more than 20% in any small cap company. They're already in for 10% so do you really think they're willing to compete with CLF for BMK, a property that's 10 years away from production ? I'm sorry, but I don't think that's what HBM is about. Their focus is on Lalor, Reed Lake & Back Forty getting larger on the production side (hard assets vs. potential assets)

Do you really think HBM is in the financial postion to get into a hostile bid for BMK with 192 million shares outstanding agianst CLF ? I'll answer that questions for you, just take a look at HBM's Sept 30, 2010 Management's Discussion. Page 7 Line 4 expected 2011 capital spending $161 million. If you say they will pay no less than $0.50 a share for BMK, that's $96 million or 60% of their 2011 budget on 1 ( ONE ) acquisition. That' seems a little risky to me.