That's correct in both cases, and I even learned about or didn't remember the Tony Clarke bit. The Threshold experiment came to an end, because Tony Banks had played a bum note somewhere. Pinder thought the recording perfectly alright while allegedly Mr Banks insisted on re-recording. And that was that. 
Your turn, Jonathan!
All as told in "Chapter and Verse", which I think does not mention Tony Clarke.
It's quite likely that Tony Clarke did produce the track, he was the producer for the sessions King Crimson did for the first attempt at "In the court.....".
Threshold was co-owned by the Moody Blues AND Tony Clarke, despite Tony having turned down the offer to become a full official member of the band, even though he was not playing anything, only producing. He did, however, have a lot of input, such as the concept for "To Our Children's Children's Children" Each member had specific tasks, John Lodge was sales, Ray Thomas and Justin Hayward were advertising, press relations and promotions, Graeme Edge general manager for things like contracts, Mike P was studio chief (They had their own studio within the Decca complex at West Hampstead by this time, though it wasn't fully op. till 1972, and didn't see a band recording till 1980/1) and Tony C was recording manager.
Threshold produced and released albums and singles by Trapeze, (1st 2 albums produced by John Lodge),Timon (later Tymon Dogg), (Produced by Justin Hayward), Providence, and Nicky James, to name but 4, though only Trapeze would go on to bigger things.
Threshold had an office in London, painted in colours for which they were sued, who by or why I don't know.