DT- I think she DOES believe him. Remember, the last time she saw Michael was before his encounter with McClusky outside the hospital. She is clueless to the new Michael. Kay still sees him as the college boy who didn't want to be in the family business. I think she is convinced that although he's gotten involved, he is going to take over and make these sweeping changes because his father's way of doing things is over.
Actually, Michael does NOT move quickly to snatch up Kay. If you recall, he tells her he's been back more than a year before he looks her up. He waited until he was nice and settled, in spite of the fact that she had been trying to contact him for a loooooong time, and then he showed up on her doorstep. Talk about cold!!