thats pretty much the story i know of the magazine. but the publisher/editor was promising to restart the mag at some point. might happen.
this mag has had at least two lives: http://www.mountaingazette.com/
similar shit went down with elevation magazine. my ineducated opinion is they paid way too fuckin much on printing costs and tried to grow like a mother fucker. elevation mag onced quoted to me that they had a subscription base of 50,000. no way. or they were giving 30,000 of em away.
i hope that when the economy jumps again these mags reappear.