An anonymous blogger calling him or herself "Your CKLN Insider" created a blog called The Real CKLN Exposed, which presents a story of waste, corruption and malfeasance with a rogues' gallery of characters. The blog purports to give the details of what led to the Canadian Radio Television Commission revoking the license for Ryerson University's student radio station.
I don't know how accurate it is, but it makes for very interesting reading.
(Update March 8/12 - I received an email from Andy Lehrer, a founder of the Socialist Party of Ontario, requesting I remove the link to The Real CKLN Exposed, since he has communicated to me that he is suing the blog owner for defamation. To view it, you can do a google search for "The Real CKLN Exposed").
UPDATE: An anonymous commenter suggested this link to a story from the Ryerson U paper The Eyeopener, which provides some more info on the fall of CKLN. Thank you and reader tips are always welcome!