There are lots of rumours because the reliable sources of information aren't saying much. Even www.p2pnet.net and www.slyck.com can't get better info.

However, LW (the company) is made up of 2 parts www.limewire.com, and www.limewire.org

The .com is the commercial part, has been threatened, and might shut down.

The .org is the open source part that actually develops and shares the code LW uses to make LimeWire. That code cannot be shut down: it's freely available to anyone who wants to use it. See www.frostwire.com for a good example.

So, treat the rumours as b.s.

You'll still be able to find and share files with the code LW has developed.