From what I heard, the dumping this morning was from overseas...

From what I heard, the dumping this morning was from overseas hedge funds with the orders placed overnight. The local institutions have not sold out.
The reason the other private fund consortium did not make a bid was because the financial institutions that would lend money for this type of activities were mostly tied up with KKR with an exclusive contract. If KKR is truly walking away they would relief the financial institutions from their funds commitment and the institutions can now deal with other potential bidders.
With regards to the management, I think the culture from the rotten days of Brian Quin is still around, may be to a less extent. If you are counting on them to turn the company around to get the share price above $15.25, you have to be very young now and live to about 105 to see that happen.
Look at how they turned Myers around. I figure the best deal they can do for the shareholders, other than selling to KKR, is to sell all the pieces and return all the money to the shareholders.
Ironically, I hold CML shares (from convertible notes) and I am not a happy shareholder. I have written to the company expressing my complete dissatisfaction with the incompetent management for fencing off bidders for no good reason other than self interest. I urge you all to do the same as that is about the only right small shareholders have - b_itch about management when the share price is down.