We have three CEO's with strong personalities who don't like...

We have three CEO's with strong personalities who don't like losing. If one person is going to secure Atlas, two CEOs have to walk away (for Twiggy and Gina that means that made money on their 19.9% outlay over the past month)

Only Ellison can walk away with the attitude "it is overvalued for the price", but that means he has spent a chunk of money paying advisors on two (2) takeovers and come up with nothing. The longer this goes, the more he pays.

For either Twiggy or Gina to walk away someone has to be bought out, as they have a blocking stake. For Twiggy that is a number larger than his approximate 3.8 cent/share he paid for his stake, and clearly above 4.2 because he knows he can get this from Gina. For Gina it needs to be more than 4.2 cents and and I would be surprised if Gina and Twiggy want MIN shares for the money outlayed.

Ellison is in the weakest position because he has to buy out Gina and Twiggy. He is yet to put any cash on the table and cash is king in T/O proposals.

If a JV is considered the likely outcome, that will require Gina and Twiggy to sit down and agree on terms.

The strongest position is the shareholder as they watch these corporate titans bid for the assets of AGO.

One thing is certain, Cliff and the BoD are completely out of their depth in handling this corporate activity. Cliff has 114 million listed options and 7 million shares (3Y on 31 August 2018) so he will be very keen to see these options paid out. At 5 cents a share, he has $350K of shares and $5.7 million of unlisted options. Not difficult to work out what motivates him on this takeover. Page 14 of the Annual Report last year states - Any unvested Option will vest if a Change of Control Event occurs, as that term is defined in the Atlas Iron Limited Option Plan Rules approved by Shareholders at the 2015 AGM.

Not sure how it plays out buy loving what I am seeing.