Gee, I wonder if Axel even knows there is another project using Namor already -- All New Invaders? Sounds like a weak excuse to me, since half the Illuminati already are in their own books, and especially if those that aren't, like Dr. Strange and Black Panther, get books announced this convention.
It is indeed disheartening news to realize how little support Marvel gives to one of their most unique and founding characters. It's especially annoying when you read DC has a panel on the Throne of Atlantis.