That doesn't mean that Mandriva or its community need to cease to exist entirely, but maybe it's best if the company finally folds. Instead, what if one of these things happened?
* Community owned: The company folds, and the trademarks and so on are transitioned to the community. The community could join an umbrella organization like the Software Freedom Conservancy or SPI, and work more like Debian or PostgreSQL.
* Return to its Roots: Mandrake was originally a fork of Red Hat with KDE. It's diverged enormously since then, but what if the Mandriva community joined forces with Fedora as a SIG to work on Fedora KDE and produced a Mandriva spin based on Fedora, but with a bit more polish? It'd be a novel and wonderful thing to have a couple of distros merging rather than this constant diverging.
* Join openSUSE:
rest here