From a French language site comes news dated April 13, 2012:
NOTE - forgive the Google Translation - maybe a French speaker can correct this.
After closing its doors in July 2009, Shadowbane could experience a second youth. The Chinese Changyou has acquired the rights of MMO PvP for a new version called World of Shadowbane. Launched in 2003 before the servers are permanently closed by publisher Ubisoft in July 2009, Shadowbane (that should be in the studio Wolfpack) remained in the memories of MMO players for its gameplay based largely on mechanisms clashes between players ( PvP ) and its sieges. We thought the game permanently closed, but today, the Chinese Changyou (who revealed the Chinese press to future massively multiplayer titles in its catalog) says it has acquired the rights and source code of the ancient Shadowbane. Target acquisition: initiate the development of a new version of MMOG, discount up to date, and renamed World of Shadowbane. It's unclear when the project gets going, or even whether it will be distributed in the West (however easily be imagined that Changyou sees the opportunity to strengthen its positions at least in the U.S.), mas Shadowbane seems anyway to then enjoy a second youth.
From what I can tell, Changyou is a player in the Chinese online gaming market, a market that is the fastest growing in the world. Does this mean they will make Shadowbane 2 for the Chinese market only or for all markets? Or for none? But one wonders why they would acquire these rights if they didn't plan on using them.
We shall see what this all means I guess. But it seems the old girl still has a heartbeat.