Your team should should remake Ultima 5 since
U5lazarious scrapped their project last month.
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Actually u5lazarus is still up and kicking and after about 3
years of work is within a few months of finishing (
www.u5lazarus.com ) It's a remake of Ultima 5 using the
Dungeon Siege engine.
I think you're refering to nu5.sf.net which has never seemed
to do much...