As posted on the MUD itself, we have decided not to close it down, which was at least partially due to the response when I announced that I would be closing it down.
Moving forward, I am trying to get more people involved and get more of a family feel about it. I am starting with a mailing list for the immortals and may also have a mailing list for any players who want to be involved in hearing how things are going. This will hopefully encourage a bit of participation and the feel like it is your MUD.
I don't know how it is going to go from now, but we will at least be open. With any luck we can move forward in a more positive direction than we had before.