Wayne's Audio Problems?

I’ve looked at image of the clamp and clamp bits..and I don’t quite see the problem.

Please elaborate...

the only potential point where it might lock up, from my best guess, is that someone might torque the living crap out of it and it might lock up. (not saying that you are, but that this is a possible problem area. for all clamps of this design type - which is most)

At that point, bit of oil on the stainless steel threading might be in order.

which did you get? the solid metal or what looks like a wood bodied one?...ok, just checked, it is something akin to anodization, and they appear to all be metal, just different finishes. A dab of oil in the right spot might fix any sticking or binding.

Also if its stainless steel on stainless steel you could be encountering galling, that's when the metal binds with a similar metal and bonds itself together. Stainless is notorious for galling, not a great metal IMO there are better for almost every condition, but highly corrosive situations. 
As Teo_ audio mentioned a little lubricant can help. 

Glen

The ferrule is split into 4 sections which used to compress and grip the spindle but now just stays compressed. It saw light use and was only tightened enough to grip. Then it just would no longer release. I unscrewed the top of the clamp and removed the base by sliding it upwards then had to wiggle it back and forth to get it off. My half speed master of Tea For the Tillerman was not improved by this back and forth but it finally came loose enough to get off the spindle.  I lightly pried it open with a small jeweler's flat bladed screwdriver and reassembled and tightened again (off the turntable) and it compressed and stayed that way. Very disappointing seller response-- pay me more $ to replace my defective product. Beware this guy! 

80, There are several things you could do. 1st would be to get a mid weight oil like 5W-30 auto oil and lubricate the ferule with that. If that does not work you can buff the ferule on a polishing wheel with gray compound. A Dremel tool with a felt wheel will do. Then use oil also.
It sounds like Wayne used the wrong angles for this to work right as well as the wrong metal.  Brass or gun metal, which is self lubricating and won't gall would have worked much better.

Thank you for the suggestions I will set about trying them to remedy this defect in materials,  design and/or workmanship, since no satisfaction can be had from the seller.