First and foremost thank you everyone for your comments.
Here are responses to every post:
Dresden14: Fair enough, we asked for it

Thanks for sharing your thoughts. We know it will be far from easy to earn back trust. We are prepared for that.
MSTeacher & Celtik: We do not offer free accounts anymore - and are focusing on providing a much better service to the paid accounts.
imbo55: Thank you for your feedback. If we wanted to pretend that nothing happened - we would not have posted public apologies on the blog and would not engage in dialogue around this. As I said to Dresden14 - we know it will not be easy.
crossfittn: We may consider a new brand in the future. For right now we do still have existing customers that we are focused on taking care of. We did post on our blog about company being under new management and us working hard to re-establish trust.
Grindstone: While we won't compete on price (Free is hard to beat), we do believe we will be able to compete on usability & innovation.
Red_Virus: Thanks for the relevant comment. What we are planning to do is to give anyone free months of service equivalent to the time that they had been charged after requesting a cancelation through the ticket system (we kept an archieve of all tickets for last year so that we can verify and emailed all those folks already)
Matt3: Thank you for your constructive feedback. We stopped taking paypal subscriptions alltogether. And we are indeed planning to add a lot more then just rank tracking over time. For now our main focus was to take care of existing clients by providing good support, revamped reliable software etc.
Again thank you.