So, I have found the problem. At some point someone broke off one of the aluminum boses on the block that accepts the retaining ring screws. It looks like it was clued back on, but was not aligned, so that is why only 2 screws were used to hold the ring. As a result when just 2 screws were tightened, the plate binds up and locks movement.
My only choice now would be to use thread locker and just snug up the remaining two bolts and see if the plate will move freely, or file out one of the holes in the ring and see if the glued boss will hold the third screw and thus minimize the binding. Or, see if I can do a better job with new epoxy, or see if the aluminum boss can be tack welded back on the block.
If these dont work, it's a part out. Too bad as I paid $200 for it as it looked to be mint condition with very low hours.