Since its inception, the Gentoo Foundation existed as a legal entity in the State of New Mexico. It recently lapsed, however, since required paperwork and fees were not filed on time. The online filings do not indicate an exact date of termination.
The foundation trustees are evaluating all options open to them. This may include joining a consortium of software projects such as the Software Freedom Conservancy or Software in the Public Interest and having them handle our legal matters, renewing our status in New Mexico, or other options. Former chief architect Daniel Robbins also offered to assist.
The legal status of the Gentoo Foundation has little short-term impact on the state of Gentoo Linux and further technical development and advancements.
The development community wants to find a solution to these legal problems, but we are not going to quickly jump to conclusions without carefully evaluating the potential repercussions. Anyone with questions about these matters is encouraged to email the trustees.
If you want to talk about your personal paperweight, you've found the right place!
gentoo.org has updated their main site page with information also