Hi Ad!
I have not heard of such a tool and doubt that it is feasible to create one.
Even the lyr file reader of FME needs ArcGis installed, and does not even then seem to read any of the graphical attributes of the lyr file. (I may be wrong - just checked in FME Viewer)
But even if you could read the binary lyr file and extract the graphical attributes, the next problem would be to translate color codes, point and line styles, fills and borders to equivalent MapInfo attributes.
Note that ArcGis users can design very elaborate patterns, lines and point symbols - how would you translate them?
In similar circumstances, I have solved the problem by creating thematic templates on individual values, with all occurring object kinds in the shapefile.
If I assume correctly that your lot of shapefiles share the same kind of content, the same template could be applied to all, and the result saved into a MapInfo workspace.
As an added benefit, updating the shapefiles is easily done without any need to re-do the cartography.
Regards, Mats.E