This might be a case of another small developer screwing around and taking years to produce a buggy, worthless game. But anyway... this used to be Realms of Torment, under development in a basement in Romania, then Mourning. Some company in Oregon acquired the code and art and figured they'd give it a shot. Supposed to beta in 3-4 months.
May interview (http://rpgvault.ign.com/articles/709/709875p1.html)
Official Forums (http://www.thronesofchaos.com/community/showthread.php?t=6)