when there' a license paid for, and a commitment to the licensors to produce something, and a development contract between publisher and developers that would have date and quality SLAs, nothing is getting cancelled (or delayed) without a lot of legal wrangling.
during that legal wrangling people simply have to keep shtum, and not everyone in the companies are going to be aware of what's going on.
that's why chief was in the dark over the earlier missed date, and why the official channels were so quiet at that time too. that's why they're silent now.
if it releases, my guess is it'll be a very quick - maybe 2 week - announcement and release, with minimal fanfare/publicity. we all know they have something they're not proud to show, and any release will be some attempt to recoup some losses, if they think they can.
to my mind, 505 are unlikely to release. the damage to them can be offset by hanging trickstar out to dry, both legally/financially through penalty clauses or lawsuit for failing to produce a game of sufficient quality in a timely manner, and reputationally - fegan was the "face" of the game, he made the "all that and more"/"early September" gaffes. for 505 it's a case of working out if they could expect to recoup more in sales than the distribution costs, and if the game is good enough to not ruin their reputation for release. (I still think they won't release - because the distribution is expensive, why lay out more - that's a 505 expense, whereas trickstar will be on the hook financially in the event of non-release.)
barmy is right in that Fegan's presence or otherwise here is irrelevant to 505's decision. even if it is an extra annoyance to us. (that being said, I found hang in there, bug polishing, no we're not adding that, you can edit the teams, you just can't change them etc. a lot more annoying than silence')