This strategy makes sense for almost everybody involved in the CentOS project. I suspect that the contents of the PayPal account won't be recovered by the project, but it has trust and brand, and being well-managed will only add to its prowess. Recovering the domain name is the critical piece - potentially breaking updates and losing the brand aren't great options.

You and may of the signatories to the open letter have well-respected, hard-earned reputations due to your commitment and hard work for the linux community. I hope once this is resolved you'll consider to rejoining the development effort. The fire of greatness always starts with a single spark.