So one needs to ask why would an institution that just bought over $40 million shares for less than a buck sell for $1.20 when they could get dollers more per share?

Only rebel with his comprehension skills could ask such a silly question.

West Face Capital Inc which drove CLL share price from 80 cents to over $1 by buying 40 million shares had only one thing in mind: CUT their losses on Connacher 8.75% High Yield Bond which dropped in price from $100 to $72 face value (8.5% CLL bonds dropped to $70 on the $100 bond).

Since bonds are bought on margin West Face Capital losses were most likely $50 to $100 million range.

CLL bonds prices dropped in sympathy with CLL financial situation reflected in Q3 report and management nervousness on fire sell assets.

West Face Capital Inc strategy was to force the CLL takeover and get $101 for CLL $100 bond, recover the losses and move on. The only way to do this was to get on CLL board by owing more then 10% of register shares. 15 cents gain on their 40 million CLL shares is only a small change in comparison to recovered losses on the Connacher Junk Bond.

As of Jan 12, thanks to West Face Capital action and Dick leaving the company CLL 8.75% bond moved up to $96.

IMO, since CLL bond recover, contrary to rebel propaganda any major CLL holder is not in the hurry to force the bailout especially that there is no line up of buyers for CLL low productivity (68%) plant. After all we never received any formal offer since CLL was put on selling block or JV partner several month ago.