I know that a group of players tried to buy the rights to the Saga of Ryzom and then release it to the public, but it never happened because other companies always outbid them... and always failed to make a profit.
You can read about it here:
http://www.ryzom.org
I'm guessing that at least a third of all new MMOs coming out will be shut down within a few years. Things that depend on profit for survival have a short lifespan, whereas things in the public domain are essentially immortal. So I definitely believe EQEmu will outlive SOE. Hopefully PEQ will be back up soon...
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