See the Legal Considerations thread for some of the many reasons this hasn't been pursued yet. The simple answer is that there's no entity to hold the money once it's raised.
See the City Sunset forum for some discussion of what people would like to see in a new game.
That's part of the difficulty. It's hard to send kickstarter/indiegogo money to a responsible steward (Titan Network is fine for things like buying COH dinner in a one-shot donation, but for a significant amount of cash things get complicated to a point that I think they won't want to be a part of it.) Such entity would transfer the funds to whoever starts up development again and has to be trusted to do so in accordance with the law and without running to the Cayman Islands or sticking it in their ears and blowing a raspberry. There's a lot of "how" to answer on this idea, and I'm clearly not well versed in business or finance.
The Phoenix City idea is fine and all, but if NCSoft makes claims that the game rips off their IP and tries to C&D it before a single commit takes place or shuts it down after availability I can see the same mess happening all over again. But a new IP, new game, and no ties to NCSoft at all kind of appeals to me for some reason if we can't keep COH alive. As far as what kind of game, I'm not so concerned about the what or the how on onset, just the why. The business proposal stuff I'm not so strong with, and the developers may have better leads on such ideas than any of us have.
And again, ex-Paragon Studios employees may not like this idea outright and tell us to end the campaign once it starts, with no outcome at all. (I don't know about IndieGogo, but in Kickstarter, if the goal fails or the campaign is cancelled, no withdrawals take place.) And they'd be right to do so. This idea isn't free of risk at all.
As I read this, it seems more a "save Paragon Studio" idea than a "save City of Heroes" one.
Precisely why this is Plan F. Part "Restart Paragon Studio but call it something else" and part "Shut up and take my money!" in equal amounts. To discuss this while momentum for #SaveCOH is strong to cover all the stops in case we can't have anything at all except a closed down City of Heroes and thousands of angry faces. If we can save the game, to heck with this thought, let's do it. If not, this plan (Plan F) is an option among others.
(
Titan Network Mods: if you literally want "Save City of Heroes"-only ideas here and not this kind of conversation, I won't get miffed if this thread moves or gets locked. Do what you must.)
The key problem now is that WoW is king. The most innovative MMO's came out before that happened, because there was, as yet, no "template" for an uber successful MMO. So companies just experimented and tried anything that came into their minds, and the result was tons of innovation. The moment that "template" revealed itself, all the innovation stopped. And even worse, the definition of a successful MMO went from 100,000 players to a few million, utterly killing any possibility of niche marketing.
But that's the trick to it: prudent MMO requests for proposal are not going to dethrone WoW anymore. Nothing has, and at this point with PC sales in decline, as well as subscriber counts going down on all established games (Including WoW), means that MMO players aren't so much in the mainstream anymore. They're enthusiasts; taking on Goliaths are impossible and a great way to close up shop prematurely. The aim isn't to be on top, it's just to be fruitful for as many as possible: players, investors, developers and stakeholders. WoW is likely not going to be dethroned as a title, it'll take the whole industry with it into obscurity first as someone comes up with the first "Tablet-compatible" "MMORPG" for Facebook. (The quotes are mostly out of contempt for the thought.)
You are right, though. Players aren't involved with the bottom line conversations, and ultimately such stakeholders expect a fair return on investment. That means whatever it has to mean... even if the onset is so overwhelming that no Proof of Concept is possible with our involvement, I would think that exhausting that possibility as well is important to try for, even if it dies on these boards without coming to life.