Would such an acknowledgement not result in PSA issuing a COA? That doesn't seem to be the case here.
Or perhaps they just went from "likely not genuine" to "unable to render an opinion".
Personally I'd say the item is probably good, but irreparably tainted by this point. If I recall correctly, the Page autograph was actually obtained by Epperson in-person.
I also seem to remember reading about it on this forum. I think Roger called up Grad and explained the situation. Apparently this did little to assuage the buyer, perhaps since there were other items from RR he'd had issues with.
I'm not sure I'd be comfortable with the chain of events myself. Even an implication of collusion would probably be enough to damage the investment severely.
I think you are correct Ballroom -- and it would not be the first time that PSA made a mistake. If you just go on the signatures alone -- they certainly appear authentic after studying the better quality photo someone posted.