Beasley actually didnt ask to be let out of his LOI. it is commonly believed that Beasley stayed with KSU because assistant coach Dalonte Hill, who brought Beasley to KSU, decided to stay in Manhatten.
a side note, Hill is now the highest paid assistant coach in the country, he just inked a deal worth 420K/year.
the only reason why Beasley went to KSU in the fist place is because Hill was there. before KSU, Hill coached at UNC-Charlotte...and Beasley was committed to them while Hill was an assistant.
basically, Beasley went where Hill was.
but as for getting out of LOIs, that happens all the time. hell, just this spring there have been tons of requests out of LOIs. and i cant think of a single one that has been denied.
some of the bigger releases have been:
#9 ranked Devin Ebanks from Indiana to WVU.
#23 J'Mison Morgan from LSU to UCLA.
#71 Emmanuel Negedu from Arizona to...undecided still.
Nick Williams from Marquette to Indiana.
http://cbs.sportsline.com/collegebasketball/story/10826137/2
pretty good article with even more players listed who signed and got out of their LOIs.