playing along like nothing was wrong not too long ago (making the image above more than appropriate), Flagship Studio's co-founder Max Schaefer tells Gamasutra that "for all intents and purposes" the company is closed down. It is no more. It has ceased to be. It's expired and gone to meet its maker ... etc., etc.
Some former Flagship employees have gone on to start a new studio, but what they'll be working on is anyone's guess as the rights for the deceased developer's IPs were gobbled up by other companies. Now, let's all move on and learn from Flagship's mistakes and try not to repeat them. Writing stories about lots of people losing their jobs is never fun.