Crow3:
There are an endless number of explanations that would explain the latest Ryles matter.
I doubt Ryles was paid off. I also doubt that Ryles got cold feet. There is no question in my mind that MP, for sure (that's an understatement), and Ryles are walking into BK Court with unclean hands. However, I really do no think Ryles would have gone this far only to smell the coffee, now.
The most likely explanation for the withdrawal by his attorney - assuming that's true - is simply that the attorney was not getting paid and wasn't willing to see his unpaid tab being run up by what appeared to be a lengthy deposition and document review.
Another "off the wall" explanation, could be that Ryles or his attorney think this is going chapter 7 and that planned discovery proceedings would be a waste of time and effort - since neither Ryles and perhaps his attorney would receive a dime in Chapter 7. This explanation seems extremely unlikely in light of the pending motion to have the reorg Plan approved.
Re the proposed Reorg. Plan:
It is becoming quite clear that there is very little in the way of investor money committed or waiting on the sidelines or that significant revenues are just around the corner. The proposed Plan essentially satisfies creditors with stock and warrants and has the current shareholders having to take it once again on the chin in a 1 for 10 reverse stock split.
