Flagship No Longer Owns Hellgate London (5th Update) on Hellgate Guru has been updated a few times since it was referenced here yesterday (story). One update clarifies that Korean Hellgate distributor HanbitSoft informed them that they do not have any claim to take of ownership of Hellgate: London, but rather it is the IP for Mythos that was used as collateral for a loan they made to Flagship, and that Flagship has turned down their offers of additional loans to keep them afloat. And apparently such loans would have been necessary, as Voodoo Extreme is capping all this news off by reporting that Flagship has lost the rights to the Hellgate and Mythos IPs, has let all of its staff go, and their offices are being closed today. VE reports that HanbitSoft now owns Mythos, while investor Comerica Bank owns Hellgate: London. Their conclusion is that development of both games for Asia is likely to continue, while the future of each for western audiences is unknown at this point.