http://www.gamespot.com/news/6189861.html
I figured I'd post this since I know some people are still curious about the events leading to Iron Lore's closing. For those interested - this is sort of a retrospective on recent studio closings with a lot of attention given to the ILE closing.
As is often the case in this type of thing, I think there were many different factors, both internal and external, that contributed to or finally resulted in the closing of ILE. So this article doesn't necessarily give a complete picture but it helps to fill things in by providing another perspective and discusses additional issues that affected us beyond those mentioned my Michael Fitch.