Excuse me, did you say "Seabury Western"?

Was shutting down their M.Div. program?

Yep.

A Statement from the Leadership of Seabury Western Seminary [Evanston, IL]
http://www.seabury.edu/news/b_20080221_Trustees_announcement.php

[excerpts]
At the same time, all the seminaries of the Episcopal Church face real economic and missional challenges. The stand-alone residential model developed in the nineteenth century is becoming unsustainable for most of our institutions. Bishops, congregations, and seminarians have fewer resources to allot to the education of seminarians. And the cost of theological education has resulted in an unprecedented level of student debt.

[snip]
The Executive Committee affirms that Seabury will no longer offer the M.Div. as a freestanding 3-year residential program. This does not preclude offering the M.Div. in other formats.

The Executive Committee accepts the 3 following recommendations of the Planning Committee:

1. That Seabury will immediately suspend recruitment and admissions to all degree and certificate programs in this time of discernment.

2. That Seabury will enable all current D.Min. students to complete their programs.

3. That Seabury will assist all current M.Div., MTS, MA, and certificate students to find alternative arrangements for the completion of their programs as may be required.