Here's the problem with subcontracting: Decipher has to make at least enough money on that to make it not a losing proposition. You have to manage subcontractors, at least to some extent, and that means you have to dedicate some person to that job (at least part-time).
Now, the hints we've been getting suggest Decipher can't make money publishing the books themselves. And they'll need to take a little bit off the top to subcontract, which means the subcontractor's margins are likely to be even tighter. Any subcontractor you'd want doing the job will realize this, because they'll be smart enough to conduct a due diligence.
We don't know what standards have been established for the line -- are the books required to feature art from the shows? Are they required to be color? What happens if they decide they can't make money and cease production before the contract expires? Without these answers, it's really hard to guess what they'll do.
I suspect the delay is basically Decipher shopping the property around. I can't see any of the major players wanting the property, and I think the minor players probably can't handle it (financially or otherwise). And, some of the minor players have a poor quality track record -- if someone with a bad rep buys the property, it might as well be dead, since some customers won't migrate.
Right now, LoTR has a much better chance of being picked up that Star Trek. The former is a hot property at the moment, and the latter is not. Add to that the fact that fantasy roleplayer does better than science fiction roleplaying (with a few noteworthy exceptions). But I don't think either of these lines will be active in six months.
