Rahal Letterman Racing still exists. How do we know? Because they're suing somebody.
According to their lawsuit, their relationship with the sponsor of their entry for last year's Indianapolis 500 has not reached a satisfactory level of monetary compensation. From Courthouse News Service:
OK, hooray for lawsuits, but...is it me or does $200,000 seem like a ridiculous bargain to sponsor a car driven by Oriol Servia in the Indy 500? Not that I have that kind of cash to shop around for such things. Oh, most certainly, I do not.
Rahal Letterman Racing clams the Ceallaigh Group and DAFCA paid only $90,000 of the $200,000 owed for putting their logo on a car and team clothing in the 2009 Indianapolis 500, in Columbus, Ohio, Federal Court.