Since the very first word was uttered concerning the firing of nearly all of Flagship Studios' staff, the story has unfolded into a twisted bramble of confusion regarding IP ownership and disappointment for the Mythos and Hellgate: London developer. Today, however, we got the first bit of somewhat uplifting news on the matter -- Flagship's Seattle chapter (the group formerly in charge of Mythos) was recently reformed and remonikered into a new development team: Runic Games.

This news came from a brief press release on the newly formed company's website. While the release promises further details in the coming days concerning properties Runic will be working on, little else is explained -- such as the fate of the former employees of Flagship proper, or whether or not the team plans to regain control of their "highly anticipated" MMO. We'll keep you updated, provided these announcements will be as prompt as the reborn developer suggests.

[Via Evil Avatar]

This article was originally published on Joystiq.

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