damm... I wrote a very very long post answering TWM but when I hit the post button it dissapeared!!!!
Just in some words, from my very bad memory, Ed and MK broke their relationship because they had different point of views about the direction MK career should take. PC was assisting Ed with stuff from the STP promo and live tour, and as long as PC main groups (Tear for fears and Level 42) were separated at that time PC had time to take care of MK career. I guess that Ed suggested MK about PC as he really was working on everything so it was an easy change.
The approach is obviously very different. Ed made DS and MK a big name and wanted MK to stay at a high profile, PC just only have to make that MK name stays big with with a lower profile, as MK wish. Probably Ed said MK what and how to do in order to stay in high profile, and probably PC doesnt dare to say MK to do anything he doesnt ask to be done.
About MK and Ed relationship. Maybe it was so dramatic, but obviously Ed was left apart from MK in all terms, not only managerial but also as the NHB drummer (in 2002 Danny Cummings was the drummer during the NHB set) and probably their relationship as friends and neighbours took time to heal.
However, I miss Ed as manager. He really was more fans friendly, and if any of you had the chance to meet and talk with him, you know how different ED and PC are!!!! Ed its a very funny man!!