Since Mike P has not weighed in you are jumping the gun if you are deleting your posts. This was discussed before and Mike P didn't think linking to other servers that contained copyrighted material was a problem and I agree with him. The music files are not on NWO servers. He is not liable.
While some want to limit the posting to out of print/unavailable material I have posted new music to the Next Wave forum in an effort to turn people on to new artists. I would think these bands would appreciate the exposure no matter how small.
And then of course there is the problem of how is one to know what's available and what is not? If you were looking for Delta 5 in December it wasn't available. It is now. See http://lostbands.blogspot.com/
A private forum is not the answer. If you want the music to live on then new people need to discover it. If we are worried about NWO being shut down then the forum could be moved to a free forum host like http://www.proboards.com, http://www.boards2go.com/ or http://www.ezboard.com/
One answer to the problem would be to keep the forum to requests and filling those requests only - one or two requests at a time. If someone has the requested track they could email it to the requester and if they don't want to receive emails from others wanting the song they shouldn't post that the song is on its way. If the song is readily available on an obviously in-print CD than I'm sure someone will let the requester know. If it's not then the song is fair game for yousendit and this board. There should be no mass "compilation" type posts.