Right after POTCO closed, a lot of young and clueless little entrepreaneurs ran around thinking that they could re-create the game in a day. I considered giving some of my time to their causes, but after a week, I stopped paying attention to it.
Well now... I've completely turned the other way. Just yesterday I visited the "Pirates of the High Seas'" forums website. In just a month, they've already released a test server with graphics that excede that of POTCO. I find this amazing, that a couple of 20 year olds are able to do this without any funding whatsoever.
I spoke with lead developer Edward Shipstealer and he told me about his plans to raise funds through a "kickstarter". They say they need around 250k. I'm not entirely sure where they came up with this number, and personally I don't think they'll be able to come up with that much money on their own. I told them that I'd talk to a couple friends of mine (who happen to be much older, and have big money that they'd be willing to front).
That all being said, I STRONGLY suggest anyone that wants to potentially be a founder/game master, and can contribute, join this forum and start helping out immediately. They plan to release this game by the Summer of 2014. Here's a link to the site: http://forums.piratesofthehighseas.com/index.php?shoutbox/