I heard the same thing. Sad news. I LOVED that magazine.
Steve T., if you are listening, this is John D. Hartman, my notch was featured way back when by Dr. Meyer and I competed in K.O.T.S in 05'. You turned that magazine around. Kudos to Michael Johnson and K.J. Jones for their hard work along with Eric English, Sharad Raliris (sp?) and anyone else I am forgetting as well.
If it's true, that sucks. Besides just paying for a renewed subscription, I preferred 5.0 Magazine over MM&FF. I really liked how they listed the cars modifications in a side note.