EE buys it and hasn't sold anything. Why is he accumulating so much if there isn't a big liquidity event down the road?

Yes, eventually an event will happen. However, the difference is, EE has millions of shares and TIME on his side. His average price on the warrants still puts him in the black whereas, many of us retailers are still in the red and we don't have time on our side, with family obligations, financial committments, etc.

In addition, because of the large volume of shares that EE owns, even at $2.00 per share buyout, he is making a ton of money off this investment. Us retailers, on the other hand, with our few 100K shares, will barely make enough gains or in the red, for the years of holding these shares, to make it worth our while for all the stress, worries, risks and disappointments that came with it.

Also, EE's biggest advantage is, he can accept or reject whatever offer Teck decides to put on the table if he likes or doesn't like it. We retailers, just have to accept whatever is decided for us, with no say, even if we lose money or simply break even.