Technical Support wrote:
Alternatively, keep the speedring installed, loosen the thumbscrew until the center shaft can be removed, remove it and the speedring as one piece, then loosen the screw until the slider can move, collapse as a normal umbrella.
Depending on how you plan on storing/transporting the PLM would help dictate which method would be most appropriate.
This is the method I use regularly. I then slide the plm and the (now loose) ring/shaft into the shipping tube for storage/transport. The ring/shaft is just loose, though, so a little bit of care is needed just so it doesn't fall out. But this works well, and the set-up next time is easy: remove from tube, open the umbrella, and then slide the already assembled ring/shaft into place.