1. I'm guessing that it's the "exclusive rights" to the group name. That way, this won't turn in to a Drifters or Platters fiasco, where there are several different groups playing with different variations of the name. Josh and Mike know that, given a choice after a court battle, many fans that know the difference would go see "George Grove's Kingston Trio" than "The Kingston Trio."
2. My guess is that Magic Mike was waiting for, even the inclining of something going wrong. The two things I read in the legalities was that the future KT concerts booked, weren't, A - canceled, or B - promoted with the new group's picture...something like that.
3. I'm sure Mike (who is either Nick's "cousin" or "adopted son," depending on whose account you read) and Josh might come up with some sort of statement at the last minute, but they might not. I'm not sure they really care. I, for one, don't care if they do. Game over.
Mike and Josh were careful in not threatening to sue Bob in all of this - just George, Bill, Rick and Ms. Rikki. I'm glad they didn't, but it seems kind of weird that either Mr. or Mrs. Shane wouldn't be aware of what was going on with the restructure as it was happening. In spite of Bob's medical condition worsening, it had to have crossed their collective minds to let the extra GBR KT gigs just "happen" and not make a big deal out of it.
Well...Mike and Josh made a big deal out of it.