Hello i don’t know much about masdevallias but i can tell you how i keep mine, i keep them on a tray of sphagnum moss under a big bird’s nest fern on the floor of a south facing conservatory, so they nice and cool with lots of humidity and in the shade (i may not be looking after them correctly according to the books but they are doing very well at the moment!!).
One of my hybrids did the same thing in the leaves are turning yellow and there being new leaves coming, i don’t think you have a pest or infection effecting the plant, i think it is just losing its old leaves to make way for new ones.
Hope this helps
http://www.flickr.com/photos/pekind4ever/4063740792/
Ps Im a bit new to posting and putting info on here