Looking at the Energy team at Dundee, I don't see much talent. An MBA and a few analysts. Looks to me like the firm is an axe in mining/minerals/real estate. Logically, if a CEO is ousted/steps-down after a few weeks on the job and buys $11mm in stock, it really smells like a take-out to me. Given the circumstances, the board would be forced to back this ouster, as there is a definite conflict.
Reminds me of Sokol's trading in Lubrizol at Berkshire. This guy was in-line to take over the firm, and he blew it.
Here, we have Markin whose career is essentially made, in what he perceived to be a quick fix at Pwe. Turns out, greed got in the way and he started accumulating a large position in this company for a quick 50-75% return, in a take-out. What does he care? This makes sense. And since Dundee doesn't know #$%$ because their research team sucks, they downgrade. My take.