ouch, page-27

I'm obviously not as tapped in to the company itself.

In '87 we dropped just shy of fifty percent in a creeping fall.

The 74 bear market dropped by something in the order of sixty percent. As of yesterday, we had dropped by only thirty six percent from the November 2007 high.

In 1929, my understanding is that we dropped by around seventy percent and other severe bear markets have been in the order of sixty percent.

So far as the current TO activity is concerned, much will depend on who the hostile is and how long-term their view is: also how many hostiles are in play

Without knowing perhaps what seawolf might (eg, whether any documentation has already been signed and, if so, what obligations that might confer), it's not inconceivable that in the current market that they could back-off and let this turmoil run its course.

My view. The LT iron ore picture will remain in tact, though I suspect dnb is right that medium term production planning will probably go out the window in order to protect cash reserves until there is some sort of clarity on how long this thing will last.

ATM no-one knows. China growth has to be affected by more than what the majors are letting on, if it is its export economy that's been driving its industrialisation.

BUSH