Flagship Studios Closure Confirmed?

Voodoo Extreme offers confirmation via community manager Taylor Balbi that Flagship Studios is - in fact - done.
Flagships's Community Manager, Taylor Balbi, has revealed, through sources, that all Ping0 and Flagship Studios staff have been made redundant. Employees were notified at a company meeting and subsequently informed that the offices will be officially closed on Saturday. Balbi went on to reveal that three of the studio's top brass dug into their own pockets to provide 30 days of pay to all employees.

UPDATE: Taylor Balbi has refuted this claim.
Well, Andrew I don't want to tell you how to do your job at VE3D, but normally you check the quotes before making them appear as fact. I didn't say this at all, and I have never spoken to you or recall ever speaking to you about anything ever. I'm sorry, but this news article is just not from me.