I don't know? For some unknown reason Cruz's superpack gave Fiorina $500,000. Maybe they also wanted to demonstrate to their donors that this money was not completely wasted? With Cruz without some type of hidden motive things often do not seem to ad up. I am just glad that someone finally got the word to Glenn Beck that he needed to back off.
When Cruz and his GOP leadership allies took Wisconsin and then managed to steal Colorado and Wyoming it looked like they had a chance to derail Trump. But at this point it has all morphed into some type of deranged misadventure. Cruz is only in his mid 40s and is a very talented up and comer. At this point he needs a way out to salvage what is left of his career. Maybe as you say, “Cruz picking Fiorina” is “a way to LOSE GRACEFULLY and still keep face.”
Cruz picking Fiorina is a way to LOSE GRACEFULLY and still keep face.
I can find NO other plausible or Logical reason to pick her, unless he plans on Offshoring His Campaign.