Some people feel that way. Me, I'm all for basic site-wide rules and automated moderation, as little as possible, and let me decide on the rest. Open it back up. There's no way it should just re-direct people to a competing site because that's what the old mods prefer.
That's just not true. If the old mods have left and set it to private before they did that, all that's needed is to simply make it public again. Admins can do that. No need at all to start a new one. They have no right to squat on this name to direct traffic to their new site indefinitely.