Why aren't the big boys jumping at these cheap shares?

Likely, they are waiting until the deal is done. Many institutions shoot for the middle 80% of a move, not the bottom or top 10%. They don't tie up money during the idle time (now) and will know a lot more about the value of the deal once it is made public.

When I last spoke with RM, he mentioned that a number of institutional investors wanted him to come make a presentation once the deal was done. RM has also said that Crystallex would start a big marketing push once the deal was done.

I just don't expect much significant buying or price movement until the deal is finalized, and then the volume will be impressive IMO.