Elliott is a business partner of Ann Romney, wife of Mitt Romney, sister-in-law of G. Scott Romney, who sits on CPWR's BOD.
PK has long wanted to take CPWR private, as he does not like answering to the Street nor being told when he can open his mouth. PK also believes that CPWR is worth more than $20/share.
Getting Elliot to offer $11/share, IMHO, this is a way to get what he wants at a lower price.
This might also explain why several law firms are looking into whether the BOD has violated their fiduciary duties to CPWR shareholders.
I don't expect anyone to come forward with a better offer, as it is absolutely true that CPWR is a bloated company that is run for the benefit of friends and family of PK, taking it private will allow that to continue as long as PK is "consulting" there.