I wonder now how many on here who have proclaimed quite loud that they were tendering their FWR shares to NOT....how many got their shares back?
It would seem at this point that the value of those NOT shares would be about .60 + warrants value ....surely, not even close to .20 now.
That conference call the other day....where these institutional holders were suggesting they would tender large numbers of FWR shares for NOT shares....I found it odd and for a while it looked like Cliffs and FWR had egg on their faces. Seems now it may have been a ploy to get retail to tender...follow the "smart money".
I'm not sure how difficult it would have been to get the shares back once tendered, but I would be curious how many here did in fact get their shares back....cause many here did proclaim that they had tendered. I'm curious if in fact NOT was able to achieve at least the 12.5% to trigger an all cash "Take-over bid" vs the "Plan of Arrangement".
I wonder also...I don't even know if it would be legal.....but, would NOT now be able to take their newly aquired FWR shares and tender those to Cliffs for $1.00? That would make for a nice short term profit for NOT. And if so...how many of those 12.5% + shares would have come from retail and how many would have come from institutions? Furthermore, how many were NOT shareholders who also held FWR and felt they were tendering their FWR shares for the benefit of their NOT shares.
In the end, I think this is just one more example of the retail getting blindsided.......I've noticed to that some of the more vocal NOT enthusiast have been somewhat muzzled by the latest turn of events.
I still believe that NOT has the goods....that these goods will be mined some day....that NOT is undervalued....that this will represent another buying opportunity for NOT shares.
For discolsure purposes, I did purchase more NOT and FWR this week and will purchase more NOT next week if the price continues to decline.
