further investigated my problem. i am basing this info. per the illustrations of the quick change collett system in the manual available on this forum.
with the hand feed lever in the extreme up position the operating ring is already above the groove in the yolk. it must be brought down to engage.
this has also reduced the space between the operating ring and the quill. so as it engages there is no more room for the quill to continue down and loosen the collett, because the quill is also hitting the yolk.
now, the quill cannot move up either, because the tool in the collett will not allow the collett to be tightened any further.
either way, its stuck.
also, somebody has installed the cutting tool so the collett is gripping the cutting portion of the tool, like its pushed up too far. i think they should have used a smaller collett. finally, they also shaved both sides of the adjusting nut so it can be gripped with a wrench. thats not how it was designed to work. would some body please tell me what to do, or defer this post to somebody who is willing to talk about it. very much appreciated. thank you