Ex-Nokia guys start mystery company to build Linux-based phones (VentureBeat)

That was always MS's gamble with the Nokia play. They will get Nokia's "intellectual property" but the real value was the employees. If those employees then move to a new company where they could conceivably replace Nokia using what they already know of the market and its dynamics.

Given that the N900 (a known orphaned phone which had limited distribution) outsold the same hardware with Windows Phone loaded I think they have a pretty good chance of succeeding.