Rumors?
I think there are a lot of rumors from friends of friends that are being posted as fact on this thread. As I have been to the LFS office since the dates on some of these posts. As far as I am aware the company is still around in some form but I'm not quite sure where. There were struggling last time I had contact and were in the process of submitting an application for ground school approval.The best bet if you want to find out what's going on is to head down.
As for the comments about Flyer magazine advertisements in Jan. This could be an old advertisement as my experience with Flyer is that they sometimes carry on your advertisements unless you specifically tell them to stop.