Since my initial post on this got 6 upvotes to 1 downvote (which was mine), here's an update.
The Board of the Red & Black has folded almost entirely. The person they'd promoted to Editorial Director says he is returning to his role as Editorial Advisor, returning control of what gets published to students. Ed Stamper, who authored the ridiculous memo that prompted the walk out, tendered his resignation to the board.
The victory is not yet complete. The editor-in-chief and another editor will have to reapply for their jobs. Also, the publisher, Harry Montevideo, who last year took home almost 200k from his role at this non-profit 501(c)3 organization, knocked down a journalist attempting to film what had been advertised as an open meeting. The journalist is apparently going to (ask the DA to) press simple
assault battery charges, which looks reasonable from the video the journalist himself filmed and various photos, available here if you scroll down far enough. I'll be amazed if the publisher hasn't resigned by Monday.