"HanbitSoft, as you may now know, financed Flagship Studios in exchange for the rights to Mythos should Bill Roper’s band of merry men default on their agreement. In addition, they also partnered with venture capitalists Comerica for a second loan agreement that used Hellgate: London as collateral. On Friday, HanbitSoft stated that they were taking control of these intellectual properties following news of Flagship’s collapse. Flagship denied their death and further stated that they would fight HanbitSoft’s claim.

On Saturday we confirmed the closure news via a source close to Flagships’s Community Manager, Taylor Balbi. Since then we have confirmed the departure of nineteen staff, had our news supported by another ex-employee, and received no denial from Flagship, or their lawyers, which would be difficult as their legal head is one of the nineteen confirmed casualties.

Korean news site TheGames (translated by Hellgate Guru) has now had the chance to speak to HanbitSoft CEO, Kim Ki-Young. In their interview, Ki-Young could not confirm the closure of Flagship, having not received notification from Bill Roper or other members of management (Flagship’s investor liaison is another confirmed casualty), but did reaffirm that they own the rights to both Mythos and Hellgate: London. However, they cannot legally acquire these rights until Flagship files for bankruptcy or otherwise confirms that they are defaulting on the loan agreements."