After a call to NetFree, Inc., the guys who took over operations of what's formerly WholesaleColo, things are much clearer. I think a fair and level-headed post was in order given the somewhat grim outlook of the post above.
The man I spoke with was Brian, the owner of NetFree, Inc. As he explained it, they were the largest customer of WholesaleColo. After the owner apparently took his money and ran (my take on it). NetFree stepped in to take over. Per his words, they run a large business, and thus have a vested interest in keeping the hosting operation running.
He was very clear, upfront, and honest. So, not really a recommendation, but a nod to him and his company for the efforts they are taking. NetFree/ServerHosts is on my list of possible colos.