AdEngage Ad Network is Shutting down

AdEngage (one of the better known ad networks and a Google Adsense alternative)  sent a stunning letter yesterday to all its affiliates and advertisers that as of Feb 8,2011 it will be closing the site.  Visitors to their website receive the same message that was sent by email to all existing account holders.

The letter says that final account payments will be settled at the end of March for those whose earnings balance was above $20.  I guess if you have less than that in your account balance now, you won’t see that money.

The letter gives no reason for this sudden decision.  With their Alexa score hovering around 6,100 worldwide, and 6,500 in the USA, one can only assume that this hasty decision was not due to lack of traffic within the ad network.   Anyone have any information on what happened?