Actually, they started a new theology school because a bunch of power-hungry politicos disguised as conservatives took over Southwestern. I was squarely in the middle of the meltdown in the 1980s and early 1990s and had many good, conservative, Bible-believing friends lose their jobs at Southwestern. It wasn't because they had liberal theological leanings but rather because they refused to sign on politically with the thugs (there's no other word to describe them) who had hijacked the Southern Baptist Convention.
Unfortunately, many people who didn't have a ringide seat thought that the issue was conservative theology versus liberal theology. It wasn't over theology at all -- it was a lust for power.
We've exchanged opposing views on this subject before, in greater detail, so rather than re-hash, let's just say that we disagree.