It also have similarities to single non-transferable vote. The problem with not allowing surplus transfers is that a majority of the voters are not guaranteed a majority of the seats.
"Poorest first" Asset voting still allows surplus transfers as each candidate can assign their votes to any candidates, except for the ones who have been eliminated. I think that the above system would work better if surplus transfers were possible. It could be called PR-STV by candidate list. Each voter would just vote for 1 candidate list. ---- Election-Methods mailing list - see http://electorama.com/em for list info
