Just checked: http://licensing.fcc.gov/cgi-bin/ws.exe/prod/cdbs/pubacc/prod/sta_list.pl?Facility_id=37449
and found that the formal status of the station, as of 12/30/2010, is "LICENSED AND SILENT." Checking the station's correspondence file, the last filing with the FCC was on October 1, 2009, informing the FCC that the station was resuming operations. The license is issued to Doreen Blood and not to Georgia Triangle, if I read the FCC webber correctly - which I assume means that she is personally responsible to answer to the FCC for any problems which arise. Surely there is a date certain where the license is subject to be vacated if the station is not on the air.
The GA Secretary of State has a listing for the company:http://corp.sos.state.ga.us/corp/soskb/Corp.asp?1480384
which is shown to be out of compliance; it has not filed it's annual registration since May 10, 2009 - more than two years ago. I can find no filing for dissolution of the corporation, nor does it appear to be subject to administrative dissolution at this time. I also noted that Mrs. Blood is not listed as the registered agent of the corporation, nor does her name render any results when I search for her as an officer of the corporation. Bear in mind, though, that this website is run by a government agency in Georgia, which has had its share of budget woes, so it may or may not be up to date.
I think that your inference that the licensee is out of business is accurate but technically incorrect.