Turns out we all got panicked for no reason, at least for now.
Massively has the story, and here's a snippet:
Star Trek Online's Executive Producer Daron Stinett addressed panicked fans, saying that not all is as it seems. We have the lowdown here for you. The heart of the matter: it appears that STO has not been canceled or nerfed after all --at least not to the degree that we feared. That said, here's the full story so far.Okay, it's more than a snippet, but just in case you want it all head here.
With regards to the SEC report, Stinett said: "That report relates to a transaction that took place a while back. And while I can't get into details right now, I want to assure the community that the entire Star Trek team is still here working hard and eagerly anticipating our chance to finally share our big plans." So, it looks like WarCry's Razor may have been close to the truth.
Stinett also said that the team is "in the process of finding a formal publisher, which involves conversations with a variety of parties." Additionally, he said that the rumors of a paradigm shift in the business model are greatly exaggerated, and that the game is not locked into anything in that area until Perpetual works it out with a publisher (once it finds one).
Stinett is considering business models other than the tradition $15/mo approach, though. "I personally think MMOs need to be a better deal," he said. "We are discussing this issue internally. Unfortunately the discussion leaked and the characterization is incorrect."
It looks like the dreams of a Star Trek Online that doesn't completely suck are still alive, but I still wouldn't hold my breath until we know more.