Here's what RO tweeted about this story:
Orci was planning to co-write and direct a third Star Trek movie. In it, the Federation, The Vulcans and a new race were racing to get their hands on a time travel device, the Vulcans wanted to get their hands on a time travel device. In the process, the Prime Timeline would have been restored, ending the trilogy, with the return of Kirk Prime.
This was Devin Faraci's speculation though, if I remember who started to spread the plot. Orci said it was a temptation but apparently no time travel or restoring would really happen (again, he's a bit wishy washy but I remember he got defensive when they accused him of lying because he had previously stated there would be no restoring..and then it seemed his third movie was like that. He insisted that his movie didn't really do that)
Sure, if he truly planned to end the trilogy like that, one more reason why paramount would be like 'are you out of your fanboy mind?!'
They have their own timeline to play with and they destroy it? Preventing more movies (more anything) to get made with this version of the characters. The reboot fans and critics would get pissed off and question why create the reality in the first place. Anything that happened in the other movies would be pointless and without meaning.