Bill Roper, CEO and Founder of Flagship Studios has given a lengthy interview to try and set the record straight about the demise of the company. Here's the important details:
1) Flagship still exists, but only for the purposes of finding its employees new jobs, and paying off their debts as much as they're able.
2) HanbitSoft/T3 Entertainment does indeed have the rights to Mythos. But none of the original development guys from Flagship have any desire to work for them. So what HanbitSoft/T3 really has is a box of parts with no idea how to put them together.
3) Hellgate: London is safe from HanbitSoft, as long as it is held in escrow.
Bill Roper gives a very long and quite emotional interview. Can't say I blame the guy. You can find more information
here.