Yo Rez! Yes, I'm sorry, Stephen Paul passed on, and it was a great loss to many people. This is one where I think Alan Hyatt did the right thing. He had the business acumen to meet the (very tough) requirements of an eccentric mic genius who was unfortunately, dying. Stephen wanted to build "Godzilla", projected to be a $40,000+ studio mic. There's damn little market for $40,000 mics, so I figure Stephen believed he'd have to build a mic a mere mortal could afford,to pay for the Godzilla project, and the Hyatts had the vision to put up capital. His mission was to blow Neumann, B.L.U.E., et al. out of the water with a less than $2000 mic. Did he achieve it? I've never heard the prototype.
Now, I would not wish on PMI a cash flow problem, but taking some time to bring Stephen's mic to the market is a very good move. Stephen and Alan both suggested that the mic employed revolutionary technology and design, and were very tight-lipped about it. All that really matters is whether this mic, which for good or ill, will be Stephen's legacy, rocks. As far as I know (fairly little), PMI's claim to the proceeds of the mic, and any of Stephen's estate, was long since settled to all party's mutual sayisfaction.
I don't think the issues are legal, or that the mic won't be built, but I'm betting it's a tough mic to build properly in a cost-effective fashion. That's the challenge to PMI. Better to do it when you really can than too soon badly.-Richie