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"Steve Chesley (JPL) reports that atmospheric entry will occur on 2008
Oct 07 0246 UTC over northern Sudan."
The amount of time we have to react to this, shows that if it was 3-4 times bigger or more, of Iron main composition we may be facing some serious Tsunamis tonight or the like.
The nominal orbit given above has 2008 TC3 coming to within one earth radius around Oct. 7.1. The absolute magnitude indicates that the object will not survive passage through the atmosphere.