This should be considered the second stall. Remember, Pirateat40's game now is the infinite stall - from this point forward there will only be vague excuses and very close to zero block-chain verified large payments. There is a small chance of 1 or 2 payouts to a smaller pass throughs to give the appearance of the beginning of payments, but very unlikely.
Do you have any theories on why he would do this at all? It seems to me that it would make much more sense for him to just disappear with everyone's money. What does stalling buy him?
I can think of only one thing, and it's very disturbing. Perhaps Pirate himself holds a large number of PPTs. Consider:
1) Someone deposits 1,000 BTC with Pirate.
2) Pirate uses those 1,000 BTC to buy PPTs. He gets those 1,000 Bitcoins back anyway.
3) Now, after he announces no more payouts, he sells those PPTs. They're trading at 70% of face anyway. So he gets 700 BTC.
He can only do this if he suspends withdrawals because otherwise, selling PPTs will reduce his income stream (it runs this in reverse, but that can't happen with payouts suspended). But he can buy PPTs for free, and so long as he isn't making any payouts, he can sell them and keep the proceeds.
You can work out the consequences for yourselves.