The only thing that Cliffs has been hearing for the last two years is the voice of their big ego. They had a chance to buy-out KWG at a fraction of the cost today, and passed.....why? because KWG had the audacity to oppose their ill-fated plans...there is obviously a lot that we don't know, but I suspect that when Cliffs made their PP into KWG, both of them could see a lot of pottential in this play...IMHO they were also both involved in selecting and commissionning the engineers to put together the NS RR plan.
I think that when Cliffs chose Spider, it was a betrayal of sorts and good for KWG for taking a stand for what is right and saying no to the penny offers...then we had Judas (Neil Novak) who was reportedly "tired" so he gave in to the pennies...well let's imagine what the situation would have been for Cliffs SP if they had bought out both Spider and KWG at a faire price... say
.30 per share back then and kept the expertise on staff. It would have cost them between 300 and 500 million possibly, but now they would have it all and could negotiate with FNs, with Govs and partners in a transparent manner...
Now this whole thing has blown up in their face...they can't move in any direction without it costing them a billion...their market cap has been reduced by 75% and their other ventures are also encountering serious difficulties due to their faulty assumptions and their lack of diligent planning...ignorance is no excuse, but Oh what a tagled web we weave, when first we set-out to deceive!!!!!
I also hope they are listening...and I hope they have the courage to face their mistakes and do whatever it takes to make it right...it's no longer a question of money (their profits are secure for years to come if they want them)...it's a question of time!!!! before the window of opportunity closes!!!
Good luck to all KWG longs