Guys, I've banned the account, for the following reasons. First, despite deleting the status updates repeatedly, he kept posting them. Second, he essentially is threatening both the board and Lance. As I've said before, I don't care if folks attack me - I draw the line when it happens to you.
I realize there are good reasons to handle this either way, and that there might not be a "right" way to do it - we have to make the calls as we see them. As zoogies pointed out, banning the guy or keeping him on Mod Approval may incite him to just create account after account.
I decided on a ban simply because I think this kind of thing needs repercussions to the violator. It may create additional work for us, but that's why we're all paid the big bucks.
Zoogies, thanks for jumping on this - very much appreciated.