According to one of their potential masqueraders although she and her friends were refunded monies paid no explanation was given as to why the band is no more. Personally I would have been pissed at these new developments after having my heart set on a particular costume in a certain band. Hopefully those displaced masqueraders can be accommodated elsewhere at this late stage. If someone can shed light on these new developments let me know!
EDITED TO ADD:
Any displaced Island Elite masquerader still looking for costumes call Fran at 954-258-5567 to see if there are costumes available in Generation X.