My understanding is based upon the most recent email from the secretary.
The motion was:
[05/10/2012 18:32:35] I propose a motion to have theymos return the user BTC which has in his posstion for the purpose of allowing me to repay users
So I sent CHM only the amount of BTC designated as user funds. I still hold the operating funds.
Ok, that makes sense. CHM's email was confusing, then.