You can double click it, and target something with durability, and poof you use its ONE charge, and the cloak is gone too. You can try it on something without durability and it will give you the same message that you get when you try and use a pof on something me, being the curious fool i am, double clicked it, clicked my hatchet and poof goes the cloak, blessed and all. at least my hatchet wont wear out for a little longer. but also this may mean that this cloak has an alternative use. ive tried using threads of life/fate and cloak of corruption - to no avail. alas, i think it's just bugged. be awares!