If you look at the trading volume you will notice even blocks of 10-20,000, 50,000 which means someone is accumulating. Indian Oil is trying to buy 10% of what was formerly Progress Energy's western holdings so I would not count out Lone Pine yet.
It's pretty obvious Englobal appears to be getting bought--the company has no debt outside working capitaland a ton of scale. I don't know why anyone would sell off other than the daytraders who don't care. I am hoping for $2-$3/share