I was also approached by them recently. Whilst I know that they certainly *were* running (they gave me an old copy of their magazine), and I know that they have *plans* to resume operation under a new publisher, I cannot say whether this will happen. I personally have some doubts but I'm willing to be proven wrong.
Whilst I also cannot tell you about the payment side of things, it's always best to err on the side of caution (as you are already doing) just in case.... maybe wait until the first re-launch issue is published and then take it from there. If it's a success then by all means sell them your stories but if nothing comes from it, then at least all is not lost.
If you do decide to sell your stories, and this goes to anyone looking to contribute to any source, please make sure you have discussed and signed a contract regarding payment. That way, if it all goes pear-shaped you will at least have a legal document which will help you claim any money owed.
Sound advice, maybe? But it sounds like that was what you were seeking.
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