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: 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!