I don't think either of these two statements are reflective of reality. First of all, MS doesn't necessarily shit on something they canned unreasonably if there is another publisher willing to pick up the slack, if circumstances are right. They dropped their plans to publish Infinite Undiscovery for example, despite funding most of it, but Square Enix was willing to pick it up and they ended up publishing it. That was a tri-Ace game.
The entertainment business isn't a zero sum game. Projects do move between studios and distributors, even troubled projects. The main question is whether any company in a position to fund the rest of development and to distribute it, is even interested in picking this up from Microsoft. If there isn't one, then there's nothing to be done. Platinum isn't a publisher and they lack the resources to pay for the development of something like this themselves.