EDIT – So, they’re not going dry or closing, but they are reorganizing. Their Recruitment Chair was kind enough to offer an explanation on the validity of the rumors in the comments section.
Normally, I shy away from rumors, but this one has been persisting for some time, and so I’m going to address it now so that hopefully fact can be pulled from the fiction.
Naturally, this deals with the Greek system that has been the topic of many an entry. This is the story that rumor mill has supplied me, with little variation, from four seperate sources:
Beta Theta Pi will be either closing or going dry at Cornell University. Rumor mill claims that their alumni visited them on a Tuesday to find many of the brothers drunk, and they weren’t too happy. Apparently they were given the ultimatum to either go dry or disband. At this point, two sources said they’re going dry and half the brothers deactivated, and the other two sources said the fraternity is closing completely.
This vague passage from their website doesn’t help matters: 
“2009 marks a new chapter in the history of our great house. Reorganized, reenergized, and refocused, we are committed to developing worthy individuals to be the best that they can be.”
I think it’s a shame if their’s truth to the closing. Beta has been at Cornell uninterrupted since 1879 (it changed it name over after the original fraternity, Alpha Sigma Chi, merged with Beta Theta Pi ).
Not too surprisingly, the brothers I know in that house are staying fairly quiet about the whole situation, apart from saying that they have been having some problems lately that are being addressed. I s’pose is there was any truth to the rumors, I’d be keeping a low profile too.