I don't know - none of it makes much sense, really.
I think we just have to assume that PM would have told us if all hopes of Web 3 being recovered were lost.
The very fact that no news of a WOF Special Edition DVD release has even being mentioned, mooted, planned or released prior to any animations of other stories is to me a strong indicator that PM is still in negotiation with the individual(s) who took episode 3,and that there is a good chance it will be returned. Animating a single episode wouldn't be hard and put the story to bed but that hasn't and that makes me very hopeful that PM is as he has always said that 'he's on top of the situation ' as far as getting it back is concerned.
I think it's more likely binned than saved. Hope im wrong but to me it's much more likely that the curator was more concerned with PM taking something than the actual episode.
Hope more show up, but with 6 years passing I think most search areas have been explored.
I just don't see a collector chucking it because the BBC have essentially granted amnesty for possession of missing episodes. We collectors don't just pitch things that we know are valuable. In fact, virtually every collector I know goes out of his/her way to preserve the rare items. I can easily see someone sitting on it and thumbing her/his nose at everyone just because s/he can.
What I worry about more is someone who just gave an episode some legs and took it home to his kids, who decided that they didn't like the episode, and then *that* got pitched or forgotten.