I sent a petition in after hearing the news to find out what to do with my recently purchased Paragon Points and future paid time. Here's the reply I got from GM Roland:
Hello,
We would first like to thank you for your support of City of Heroes. It is never easy to make this kind of decision. You can read the official announcement at
http://na.cityofheroes.com/en/news/news_archive/thank_you.php. There is a discussion on the forums that you are free to join at
http://boards.cityofheroes.com/showthread.php?t=295621.
For refunds of unused time or unspent Paragon Points, we will be contacting those players directly with information. Please watch the website for any official updates as soon as they are available.
City of Heroes will be available for at least the next three months. We are on something special for our VIP and Premium players. As soon as these plans are ready, they will be announced on the website and the forums.
Regards,
The City of Heroes Support Team