Dark Matter Motor
What I can make of it is that the magnet is going up instantly, it accelerates faster as the coil attracts it. The force from the electromagnet and the permanent magnet get combined.
This combined magnet can not only be switched off, it can also be reversed. Making the object hanging under it even 'heavier' as it originally was.
It's about the same effect is shown here, just a slight bit different.
http://peswiki.com/index.php/Directory:Flynn_Parallel_Path_principle_device