insert credit reported this recently, and you can head on over there to check comments by Zepy, Brandon and Recap:
http://www.insertcredit.com/archives/002078.html
As Recap explains, it's not exactly a tragedy, but, still, for those of us who were around when Wolf Team and Telenet were in their glory days, a melancholic reminder of that era.
You can check the following link for info on the company's back catalogue:
http://www.telenet.co.jp/games/
I am saving all the scans before the whole thing goes belly-up.