Saw this earlier today, broke my fucking heart.
Does bankruptcy mean that the company's defunct? If so, I don't expect the M&L series to die, but these guys really did a good job with it (and I've heard a lot of talented people worked on the series).
I remember writing a thread about this. Some companies were gonna struggle now that there's no dedicated non-HD gaming platform. It didn't help that they released the BiS remake on the 3DS this late into its life...