My bad; he doesn't have a no-trade, which would allow waivers. He has a no movement clause, that's why no trades, waivers, reassignement, or anything else without his permission.
And, because of the buyout at 2/3rds, it's really like this (even though the contract would've been over after the 10-11 season):
For the remainder of 09-10: technically a part of the team, paid full salary with full cap hit, but doesn't show up to work
10-11: officially bought out, 1/3 of his salary ($500K) paid to him and 1/3 ($500K) cap hit, no longer part of Habs
11-12: due to the buyout, another 1/3 ($500K) of his salary paid to him and another $500K cap hit