As a result, all the videos have been taken down from Jan's Youtube channel; what's more, there won't be any further episodes of Button's Adventures. ShadyVox (Button's VA) is apparently answering questions on /mlp/, and Jan's also replied to a bunch of queries on his Tumblr.
Furthermore, ShadyVox has put up a voice recording with some updates. A transcript follows:
OK, people have got a lot of questions, so I need to answer what I can, and in case anybody doesn't think that it's me: (BUTTON'S VOICE) Hey guys, what's going on!
OK! Ah— so we've had to take down the videos obviously through Hasbro's claim and a lot of people have argued that hey, you could fight against them because it's under Fair Use and it's Parody, so therefore you would be OK to, ah, have the videos up! Yes, that would be true, and we would be in the right, but let's also understand that Jan has a lot of, ah, future wishes to possibly work in this team, and I don't wanna possibly ruin that for him, so we both think that it's better if we just comply, take down all the videos and don't risk the opportunity of getting on Hasbro's side and therefore possibly get blacklisted.
What we're going to do is we're going to make an information video, giving all the details about what's happened and where we plan to go from there. Ah, unfortunately, because of the circumstance, Button's Adventures is going to have to stop entirely. Though we do own Button's Mom, we don't own the style in which she was drawn. Take that away, and we'll lose most of the appeal of what she was made for in the first place.
So, we're gonna make a video explaining what's gonna happen and what our next step is going to be. We intend to make a new IP and go from there. That way, we will be in complete full creative ownership about everything that we do in that. It won't be Button's Adventures, what we're going to do is that we're going to take the scripts that we made for BA and then adapt them so that they work in this new IP. We own the character for Button, we don't own the design or the style; so what we're going to do is take off what we wrote together, what we believe is our best material, and give that a shot into our new IP. Just keep a look out from[?] new video and we'll get that out soon.
I gotta say, all this is a real shame. And personally, I think what Hasbro should do is simply hire Jan and ShadyVox and launch Button's Adventures as an official spin-off of the main series — not that I think that that's going to be very likely to happen.
I hope you all grabbed copies of Jan's videos, too.
(And here's an earlier post on Fighting is Magic's C&D.)
EDIT: Hasbro's VP of Development Mike Vogel promised he'd look into it. Maybe there's hope yet.