This can occur if during emulation one selects several (more than 2) Storage groups but the restore job from the backup software actually restores data for fewer Storage Groups. This has as an effect that Recovery Manager waits until all Storage Groups which it is emulationg have had restore jobs completed.
If for example Recovery Manager for Exchange emulates a server for 2 Storage Groups (SG1 and SG2) but the restore job in the backup software restores data only for SG1, RME remains in Emulation mode waiting for data for SG2 also.