So, he has delusions, er, hope that the company on the whole isn't going under? I'd be tempted to get in his face and just ask him what the hell is going on, but then, showing up and getting a paycheck until he finally says not to could stretch things out for you...

I'm all about getting regular paychecks. :)

On the other hand, I can't move on with my life and start looking for a new job seriously until I have some kind of vague idea when I'll be free to take a new job!