I'm inclined to believe that blog post. I find it very suspicious that Gearbox bought the rights to make another franchise (and one that was already in development hell for a decade) while they were already committed to A:CM and Borderlands. I'm slowly losing respect for Gearbox over this whole mess.
I'm more inclined to believe that Timegate just massively -blam!-ed it up.
Gearbox seems like a good developer, at least with their own franchises, so I'm willing to give them the benefit of doubt over this debacle and assume that it was negligence in not having someone watch over the development of the game rather than willful theft of funds.
Maybe I spoke too soon. Gearbox has talented devs for sure, and there's probably only a few select individuals at Gearbox implicated in this thing. I'm still suspicious as to why they picked up Duke Nukem after committing to A:CM and Borderlands, but that could be just be lack of wisdom rather than misappropriation of funds.