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Default How does a collet closer work?

Boss recently bought a Hardinge DV 59 and I can't get the thing to
close the collets. I tried two collets and after taking the thing
apart I suspect something is missing. It appears to me that the three
little fingers inside the adjusting ring should have a piece that force
them up when the handle is pushed back to the closed position.
One of these days we'll get a camera so I can post pictures instead of
trying to explain things.
Ken