What's up with the Phantom King?

I've noticed that in different adventures, the kowalas and monkies have mentioned.... something about the phantom king? The kowalas informed me he lurks in a cavern..... and the Monkies told me he controles the phantoms. hmmmm.... also, jammers had to battle him with Liza as he were trying to get through the portal of jamaa. But, there's something else...... rumor has it that he's been mentioned before in the beta days......