What a shame. Pioneering online gaming portal Instant Action has ceased to be. We know this because of this message. There was some speculation that the service, which has been down for a while, might be saved, but it seems that only the Torque engine itself will still be available, and that will be up for sale. They previously sold off the Tribes licence to Hi-Rez.
Good luck, chaps.
(In other troubled game engine company news: Fallout 3-powering engine Gamebryo is being sold off by investors, because of, y'know, financial stuff. I blame the name, I mean seriously? Gamebryo?)