Correct me if I'm wrong, but the reason the property went into forclosure is simply because he didn't make his mortgage payments, right? The real question here is why he didn't make his mortgage payments. Maybe the company is broke, and he's so far in hot water aleady that he doesn't care anymore. Another possible explanation is that he later learned the poperty isn't worth nearly what he paid, for whatever reasons, and again he is so deep into trouble already that he doesn't care.
These conspiracy theories of yours are always interesting, but I haven't seen anything so far to indicate that anything bad that has happened to this company thusfar has been planned. I would however believe that he made a series of mis-steps that got him into problems, and he's taking a less than ethical approach to resolving the situation.
I also don't trust this new Mercer guy. From what I"m reading, he's not new at all. He seems like a silent partner that has been involved in the decision making process all along. I think that's why we haven't heard from him yet. I also suspect that we're not going to get any news from this company until the smoke clears, and that could easily be a few months off. (if there is anything left to talk about.)
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