Most thought that when Irrational Games was being shut down, that it meant lights out for BioShock, but not anymore. BioShock's other developer, 2K Marin, is now taking over, according to GameSpot.
During the Cowen and Company analyst conference, someone said that the BioShock series hadn't reached its commercial potential yet, with Take-Two Interactive's boss agreeing. Strauss Zelnick said that the 2K Marin team would now lead the development on BioShock. We shouldn't expect to see anything unveiled at E3, but at least we know BioShock hasn't been sucked up by the Rapture just yet.