I spoke to JMS at SDCC in 2013 and his answer was effectively not going to happen.
Also mentioned that perhaps Warner Bros. should consider crowdfunding the first season to gauge interest. Again he did not seem particularly enthusiastic about the idea.
Clearly things can change but as great as B5 is, it unfortunately does not have the same fan base and support as Star Trek or perhaps even Firefly do.
B5 remastered in HD would be fantastic and wish Warner would put forth the effort in preserving some amazing serial storytelling Sci-Fi.
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