According to a poster named Ironwolf on the Titan Network message boards, progress is being made on this front. Ironwolf wrote the following on August 13th: "I did contact the team yesterday and got this reply back: Things are moving along. We should have things worth showing fairly soon, made a great leap forward yesterday."
The efforts to purchase City of Heroes started in early March, according to a timeline on the same thread. On March 12th, Ironwolf noted, "Got letter back from [former NCsoft executive] Chris Chung -- it showed that is WAS possible to buy the game." On April 5th, he wrote that the general range of the price is "very doable."
[Thanks to Duane for the tip!]