Micro John is right. That was exactly my analysis too. However, there is one bright spot: Stern is still accepting applications for the fall semester for the PT program.
There are (at least) two possible reasons why they still accept applications at this point in time:
1.) They don't have enough applicants overall.
2.) They don't have enough qualified applicants.
Looking at historic acceptance rate of 50%, I seriously doubt it is the first case. If it is the second case, then that means the chances for all of us are slightly better compared to historical figures (translation: Adcom might slightly lower the admissions standards if they need to fill seats).
Or maybe like someone posted on this board earlier, they are just looking for warm bodies for the Westchester program?