They are supposedly in a sort of null fund, except it is not a true null fund. People do have access. Basically they have recreated (and grown) Ned's stake. Except now this stake is in the hands of the witnesses who began the chain. Supposedly it is open so that people can "appeal" the blacklist and still get a drop if their appeal is successful. (I haven't appealed.)  It certainly leaves us with a lot of questions doesn't it?  Why do it this way?
Why not just take fresh code over? Why copy everything, including people's personal content? Why not have everyone start at the same point, wouldn't that be fair? That way people can invest if they like, or not. That way power is not centralized.
My instinct has always been that the witnesses were overly comfortable in their positions, with their regular pay, that they didn't like it one bit when that position was threatened.  (Hence their hostile hard fork when Justin bought Ned's stake.) The "new" chain is a way to ensure their paycheck keeps coming. I think this is about money, and not at all about doing what is right (especially by what I have seen). But of course, it is more palatable to dress it up under the guise of doing the *right thing* and *protecting decentralization*.
But, they have taken all the problems with them to a new chain, including the problems surrounding the centralization of power.
From my perspective, their copy of the chain is even more centralized. 
I am curious to see how they will fare against the legal problems that are just getting started. Should be interesting. 
I personally removed all of my content off of Hive. Every single post. I won't have my name or content on something that I believe to be illegal.