I think that is all true. He did his best to avoid the deposition and when suddenly forced into it, dropped the case. If I have it right, his witness list was him and Cohen - "my word vs yours" doesn't make for a legit sounding $500M suit. I think it was done purely for revenge reasons. He dragged Cohen through the process, caused significant legal expenses etc.
I don't think he was anyone's favorite. If I recall correctly he was going to lose in Indiana before T picked him up to use him.