Hello, Devilsh, Rikandur, and Zelda! Good to hear from you.
I think that starting a new game would be best. First, many GMs might find it awkward to take over from someone else -- especially without the original GMs permission. Secondly, the game has come to a halt due to Serpenteye's absence. I doubt that we could realistically continue from the time of the last character actions.
We have lost several people who said they would commit to the game, leaving several major powers unplayed. Devilish, I think that many of the players who have remained might want to keep their factions. First, several people have put a great deal of research into their factions. Additionally, I suspect several of the situations in a new game would be different -- so no one has tipped their hand so to speak.
If Serpenteye returns, the 5th IR would be there for him to start again -- assuming (unlikely though it is) that everyone would agree to go back to that game. However, we could always open a spot for him in a new game.
So, let's hear from some more of the players. What do you think we should do? Also, can anyone reading this thread who is not a player offer some advice?