I think we all agree that getting "compliant" is part and parcel of any R/S, R/M, etc.  IOW, CE lifted, off DTC chill, Fins, etc.

FWIW, I keep looking to those 75M Pan Am shares and envisioning them as the shell and doing a 1:100 R/M, leaving ~50M O/S less anything bought back pre-merge.  That would be one sweet share structure, with a low float, and a nice PPS.

As for ore price, there's plenty of Mexican Iron Ore for sale for less than spot... just sayin'.  It's Supply/Demand/Ore Quality balancing issue, IMO.