here's my worthless take on the situation.
Before Esh IM'd me, I had no idea who the hell this Derek Smart person was. I still don't. I only know by what he posts.
First, by posting his intent on a public message board, it shows his complete lack of business sense and professionalism. I don't care what he's done in the past, but really- you just dont' do things like that.
Second, the group here at HLP have done more than anyone could imagine with the game. It's been 5 years, and I've known most of these posters the whole time. 5 YEARS.
All this talk of pooling money to purchase the license...not possible guys. You need to either organize into a legitimate group, or into a corporation- you can't own a share in licensing.
Third, his threatening of suing for IP- that's complete and utter nonsense. You can only go after someone using that if they are profiting from the property. A lot of companies like to go after and threaten people, however the Fair Use Act allows people to use IP for nonprofit reasons.
Not to mention, the engine itself is GPL- he can't touch it. He can't enforce the ship names, because of they're nature. He can only enforce the music, logos, shapes, and textures. And the name. That's it.
Now, remember what Volition did when they found out "Freespace" was already trademarked? They made it "Descent: Freespace" as it's officially known. It's so easy to get around IP-nazis it's almost laughable.
So all in all, I feel it's highly unlikely this person would purchase the license, however I'm not ruling it out. The community can purchase it, but needs to oraganize first. If the worst should happen, it won't be the end of the world, just the end of the name.