When Not initiated the M&A activity in the ROF, all of the companies in the ROF should have ramped up their drilling to the highest degree possible. The companies had to know what would follow and the onus should have been on them to prove up as much resource as they could as quckly as they could.The risk for takeovers of every ROF company became apparent at this time and with every sp down pretty low, the big guys see their opportunity.I am not sure whether any speculative material can be used in an evaluation, I would guess not.Preventitive measures should have been taken long before we got to this point if any of the companies were worried.Obviously, the native issue didnt help in regards to this, but hopefully there is a plan b for all companies.We are at great risk here for all ROF companies to be bought out before they ever reach part of their potential value. To me its a shame, but its quite possible this is what might happen.Cliffs pretty much laughed at how cheap they got FWR,and anyone who does the math can see why.I am not speaking here on hindsight,I made a couple of posts on the NOT forum shortly after NOT put up a bid for FWR laying out how vulnerable these ROF companies were.I would have liked to own SPQ for maybe another 10 years with an sp of maybe 10 bucks, but I dont think I will ever have that chance of such a great investment with SPQ.