The answers below are strictly the opinion of the poster, not those of the management or owners of this station:
1) Does this mean they (ACE) have picked the bones clean and they see no further value in the airline?
Yes. It sure looks as though they have done the vampire thing and drained the company of any actual assets or strength.
2) Do they have any control of Air Canada's Management team, cash flow etc?
Depends on what you mean by control... no direct control that I am aware of, but I'm sure all the boys on the board meet for drinks and golf.
3) If AC continues to loose money can they raise capital somehow?
Perhaps... tough to say. In this case, only time will tell.
4) And I guess lastly should a guy with a wife kids and mortgage be leaving a turboprop job to go fly for them?
It depends upon your long term goals but, I would say yes. Here's my reasoning; Once you have a type rating on a large (705) aircraft, you will never fly a small plane again (advice given to me by a friend a few years back when I was facing a similar decision that has held very true). If AC survives, you have a good job with a good career ahead of you, if they fail your options are broader than if you stay where you are... you could go international contract or you go to the top of the resume pile in the companies that will spring up to replace AC.