I think a reality check is needed, come July (probably couold be the case right now) there will be no money to keep FMS going and that will be the main factor in the board recommending a sale to Todd. Unless they are working on a deal to send some of the goldilocks ore on FMG's train then they are few options and the board will not work for an iou. If there was the same money in the kitty as 2011 we could have rode this iron ore slump out but unfortunately it's looking bare.
Ann: Change in substantial holding, page-49
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