I find it fascinating that M4v3r is refusing to release the transaction(s) related to the Bitcoinica debacle. This is indicative of guilt. I would not be surprised to learn that he took those coins for himself at this point, never gambling with them at Bitcoinica but simply using that as an excuse. Hopefully he can prove me wrong on that...
Wouldn't surprise me ( no offence intended to M4v3r nothing personal) he was either extremely stupid and naive which is a possibility but what you stated above is more probable since he has not provided proof to the contrary.
I do like bitmarket and prefer it to mt.gox but I am not confident enough to use the site with any large sums of coins while he has any significant involvement.
I also don't mind waiting to get my on hold balance back - which is the option I chose because this is the best exchange for me personally and I don't want to see it disappear.