Disclaimer: I'm not the Tallos' lawyer or anything, I don't speak for them. Like you sir, I'm just sharing how I see things from my perspective.
The way I see it, the elder Tallo decided to air his side on the local daily because he wanted to clear the air about what really happened from their side of things and not because he wanted to bitch about the whole situation or make the Ateneo brass look like the villains. Coach Norman fired the first shot in the media, so I guess he was just defending his son. To wit:
"I am somewhat disappointed with the information Coach Black has relayed to the press in Manila and in Cebu with regards to how my son left ADMU to return to Cebu. He distorted so many facts that my son came out as the bad guy in the whole situation."
I'm sure the dad also wants this mess behind them so that Mark Jayven can go on with his basketball career so I'd like to think that, because he has now given his side of the story to the public, both Ateneo and the Tallos are now burning up the phone lines in trying to resolve the matter amicably and in private. He said so himself in the letter (that before they choose which school to transfer to they have to fix things with Ateneo first). We won't be privy to all the details, but it might be better that way because it's really their business and like you are implying, things would be a lot smoother if they don't air out what has transpired between them to the public so that no one will come out looking like "not very nice people".
And again, I don't want to think of it as "milking" because as a member of the team Mark Jayven was entitled to join the trip to Las Vegas (but the story about the dad asking to tag along admittedly sounds a little fishy). Perhaps the Tallo frustration dam just broke too late. I don't know for sure, but I want to give them the benefit of the doubt.