I've been speaking to Bud Owsley a bit further on this subject, and here's
my take on it:

Will is very ambivalent about the situation.  On the one hand Will is
discouraged by his label's behavior, and often feels like throwing in the
towel.  On the other hand he believes that with the eventual up-turn of the
economy, they will allocate the budget necessary for Will to complete his
record, and that they will then release it.  This is not something the label
is telling him, but something he feels in his gut based upon his own
experiences with the powers that be.

He probably could re-record the tunes on his own and possibly "get away with
it", or write completely new tunes and record those, but he's willing to
take the gamble of waiting out the label because a) he's really proud of the
recordings, and b) they were very expensive to make, and he doesn't feel he
could do these songs the same kind of justice should he re-record them on
his own dime.

My first inclination was that he ought to make a huge display of
independence by re-recording the tunes and putting them out himself.
However, the more I think about it, the more it makes sense to me that if he
really believes the label will ultimately support and release the recordings
in a reasonable period of time, he may as well wait and see.
--
Pop Rules!!!!!
Take Care,
David