Short version:
SNK had been in financial difficulty for a while, partly do to the failure of the NeoGeo Pocket Color, and partly due to insufficient popularity of their games. They were bought by a large Japanese gaming company named Aruze who then proceeded to pillage the company in classic 80's style. They recalled from the stores all of the unsold NGPC carts and systems, cleared the flash ROMs and turn them into pachinko machines. Earlier this year SNK filed for the Japanese equivilent of chapter 11 bankruptcy (Reorginization), however they failed to present the judge with a reorg plan by the deadline and were moved to liquidation. The CEO of SNK started another company called Brezza (possibly before the bankruptcy) and had a relative buy the intellectual properties of SNK (as part of the company he was ineligible for the auction). Brezza cannot use the SNK name without accepting their debts, but Terry Bogard et al. will continue on under the Brezza name. A group of SNK shareholders are suing Aruze for their mismanangement of SNK.

Okay, that wasn't short, but that's the story. I don't think I made any egregious factual errors.
You can look through the archives of the Madman's Cafe (www.mmcafe.com) for more details.

Polychrome

only in a technical sense, since Gryphon said he had borrowed them from the Fatal Fury OVAs.

Pangaro, Gryph vs. Orochi Iori. A good fight.
Member of the Narn Bat Squad

Point.

Derek Andersen