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Freeport-McMoRan in a World of Debt

This suggests there will be plenty of explaining left to do by FCX and the possibility of a shareholder backlash that the officers and directors who announced this lofty transaction may not have been anticipating.

All shareholders can do for now is to listen and watch carefully. The after-shocks of today's momentous events, including the share price of FCX having the single biggest one-day drop since December 2008 when the company suspended its dividend, are just beginning to unfold.

At the time of publication the author had a position in FCX.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Jim Cramer and Stephanie Link actively manage a real money portfolio for his charitable trust- enjoy advance notice of every trade, full access to the portfolio, and deep coverage of the latest economic events and market movements.

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