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Redbana's fellow T3 Entertainment subsidiary HanbitSoft picked up the rights to Mythos following the collapse of Flagship. The Mythos site is now accepting signups for an upcoming US closed beta test, while a South Korean counterpart is already underway.
The former Mythos development team from Flagship Seattle, among others, formed into Runic Games to create the splendid singleplayer action RPG Torchlight, released in October. A Torchlight MMO is currently in development and expected within two years.
A Mythos developer known only as "Alboos" explains in a blog entry--eerily similar to one from May--that "Mythos is being reconstructed with a whole new look. We are trying to maintain the strengths that the game already had and improve them while eliminating its weaknesses so that Mythos can become more suitable as an online game."