Under the creditor protection, if the warrents are under that umbrella, then that decision will be made by the agency in charge of the assets. A company such as Richter for example. Some here may know who that is as it is normally public knowledge. The agent will decide how to maximize the value, Cliffs will have input to inform them of the best course, but it will not be ultimatly Cliffs decision to make. Then again, depending on how that asset is structured, it may not be under the protection order. Cliffs is not ignorant of how this asset can be maximized and there is no sane reason to exercise those warrents until the PEA if they percieve it will be favorable to the sp. Obviously they think it will be or they would have cashed in by now. IMO
PF
