PartyPoker Big Game IV starts today, and the lineup will not include the mysterious Isildur1 as originally planned. According to Tony G's blog, Isildur1 pulled out of the arrangement at the last minute and also sent him a text message saying “Sry for not coming, take care bud.”

Tony G says, that the two sides had agreed to a 50/50 staking deal. In addition, G was going to fly Isildur1 and three of his friends out to London for the game. Isildur1 then backed down from the arrangement at the last minute, because of "personal reasons".
So the "unmasking" of Isildur1 will have to wait, though, Tony G now claims that Isildur1 will be at the PokerStars European Poker Tour Grand Final in Monte Carlo later this month.
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Source: Pokerlistings