The company I work for operate Twin Commanders with IO-540 A1E5/B1E5 series engines, and 2003/04 was pretty tough on the engines.
We operate throughout the Midwest and have bases in Grand Rapids, MI, and Yipsilanti, MI, St Paul MN - those being consistantly the coldest.
Some of our failures were due to oil starvation to the main bearing. They are equipped with high torque, lightweight starters, which can start an engine easily between 20ºF-30ºF, and below 20ºF. So the blame was placed on the inexperience/stupidity of the pilots starting a cold, non-lubricated engine.
We have in our ops manual, recommendations (that weren't followed) on cold weather operation - basically don't start them until they have been warmed to over 30ºF, and put the aircraft in a hangar/heated hangar if available when the outside temps drop to below 30ºF. This restriction has been changed a little since we had a much better year in 2004/05.
The oil we were using was also revised from an Aeroshell brand to Phillips X/C 20w 50. When the Phillips X/C isn't available, we can use an Aeroshell, but we have to tell MX, so they can flush the engine at next inspection, or within 10 hours (I think) - due to oil incompatibility - something I wasn't aware of until coming here.
Last time I talked to my bosses about it, the cold weather ops reverted back to 'under 20ºF', due to 'most of the bad bearings' being found and corrected - so it is possible that a bad part was to blame.
Hope this adds some insight.