My opinion is pokershibes just ran out of doge. The huge guarantees on tournaments, and the freerolls, were never adjusted when players left (Edit: before suchflush took over site). When they were adjusted it was too little too late.
  
People were doing the math, over a year ago, and wondering how the site was surviving. We were told site was making just enough to cover expenses. The domain seems to be suspended due to legal activity.