I am dissapointed Mike over this. I think it could have been handled better. Knowing that this league has a history of apathy, and may need nudged a bit-Mike could have preemptively sent out trade chats, sitemails, or whatever stating there was a rule violation and a need to veto. If everyone that says they vetoed is being truthful, it probably only fell 1 or 2 votes short.
If the league were where it needs to be at already, the forum post after the trade would have been enough. But for Mike to give it up so soon shows that he expected the league to magically and instantaneously reach a level of a solid or elite world. In my mind it shows that he expected his mere presence and recruiting of owners to be all that was necessary.
Worse than Mike giving up the commish job is the owners already leaving over it. Its just a convenient excuse to pack up their bags and not help clean up the world without Mike being in charge.