Bill Nicklin who owns pretty much every available share is in imminent meltdown. He recently lost about $250m and more on APAGF after the Argentine gov't nationaliszed another oil and gas producer. At about 10x revenues, not a good sign for his holdings. His clients will be taking out money as fast as possible, like a run on a ponzi fund. Ultimately he will have to sell every share of PMFG that he owns, because who wants to be the last client left?
First, I doubt BN has anywhere close to $1.4 billion. He wouldn't be running Horsesbehind if he did. Second, his clients didn't expect him to corner the float and be the first, last and only buyer of the shares. With over 70% of the float, he was the only market for PMFG and APAGF shares, so he set the price. Doubt his clients are happy with the 40% destruction in the value of their positions.