Sadly, nothing has become of this League. But all is not yet lost! A brand new group
@ http://gtm.you1.cn/groups/LegacyGamingTourny
is going to carry on, where this group failed. They are currently planning a Tournament for League of Legends, but hope to soon expand into CS:GO, CS:S, 1.6, Dota2. So please, head over and support them by joining the group, and inviting your friends to do the same.