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The first Elder (banded by Praises) would return to territory because the card that brought him into battle was negated. The 2nd & 3rd Elders that were banded would remain in battle because the ability that banded them into battle cannot be negated (even indirectly).
I have a Scenario - Based upon Tim's recent ruling/interpretation of Seige, wouldn't you bring in one elder, then he could choose to bring the rest in? That seems to be the way that it works based upon this thread: http://www.cactusgamedesign.com/message_boards/index.php?topic=16300.0Then If he later played Blessings the First elder leaves, but the other would stay, I'm 99% positive this works.
the REG (Admittedly outdated in areas) seems to supportj