FMS

It's true AO, that FMS has been through a lot. I guess it makes sense to look at exactly where we are today.
We have a large reserve (relatively), we have TODD as a major S/H who has fought tooth and nail to try and get us, we have a recovering I/O price, (many were touting doom and gloom prices of $23 to $30 AUD per tonne), approvals in place, to name a few.
TODD would have been talking with FMG, FMG were not interested in dealing with our previous management (who can blame them), and I would suggest that TODD could be entertaining doing something with FMG until they either develop themselves or package it up and sell.
In the meantime they can get some cash flow going by trucking to FMG.
If not, it stays in the ground and we all sit around, but it will cost TODD more to do that than anyone else and I don't think that is how they work.
So, if I was looking to invest in something at the moment most markers would be telling me to jump in with the gamble that TODD will take this to production. That is just my personal view of course.