The path of least resistance seemed to be to just spend a few more minutes to fix up the script a bit; this version you can run multiple times without messing anything up, and it'll also correctly change the author metadata based on moving a file to a new directory.
Code:
#!/bin/bash
EBOOKMETA="/Applications/calibre.app/Contents/MacOS/ebook-meta"
KINDLEROOT="/Volumes/Kindle"
# --
if [ ! -x $EBOOKMETA ]; then
echo "ERROR: $EBOOKMETA doesn't exist"
exit 200
fi
if [ ! -d $KINDLEROOT ]; then
echo "ERROR: $KINDLEROOT doesn't exist"
exit 201
fi
# --
find $KINDLEROOT -type f -name '[a-zA-Z0-9]*.mobi' -print0 | while read -d $'\0' FILE
do
AUTHOR="$(/Applications/calibre.app/Contents/MacOS/ebook-meta "$FILE" --to-opf=/dev/null | grep ^Author | sed 's/Author(s) : //g')"
FOLDER="$(basename $(dirname "$FILE"))"
if [[ $AUTHOR == *".."* ]]; then
METAAUTHOR="$(echo $AUTHOR | awk -F '\\..' '{print $3}')"
$EBOOKMETA "$FILE" -a "..${FOLDER}..${METAAUTHOR}.."
else
$EBOOKMETA "$FILE" -a "..${FOLDER}..${AUTHOR}.."
fi
done