Since they removed stat-loss, I'm not even sure why they track short term murder counts anymore; used to be that you suffered res-stat-loss (of the permanent type) if you ressed with 5 or more short-term counts. No idea what the STMC is for anymore.
But yeah, once you're under 5 counts on the LTMC (though I'm not sure if it happens at 160 hours or at 199 hours remaining on the LTMC -- there was some contention about it back in the day), you should be red.
Unless they seriously changed the system while I wasn't looking. Possible, since I haven't been red since... oh... 2000ish...