To answer the question: "wtf just happened."
If you have ever seen the TV show "House" [1] its the part where each doctor makes a different diagnosis and Dr. House keeps trying to fit all the pieces together to get to the real issue.
Clearly Color is in a state of transition, I know of no company with an absent CEO, and no COO, that are stable. The tech "press" is in a feeding frenzy trying to be the first to 'diagnose' the cause and the eventual effect. Apparently its a solid bullet point in one's blogume' to say "I broke the <company> story."
[1] The TV series House as written up by Wikipedia : http://en.wikipedia.org/wiki/House_(TV_series)