Hello,
After reading the following PC Magazine review (http://www.pcmag.com/article2/0,2817,2304786,00.asp) it seems that these keys are not reusable once they have "self-destructed" as indicated in the paragraph below:
"After ten wrong passwords in a row, the IronKey's insides self-destruct. There's no bang, boom, or puff, but the encryption keys and flash memory are destroyed. If you recover the now-useless device, you can send it back to the company for environmentally proper disposal. In any case, if you've backed up your secure data to an encrypted local copy on your hard drive, as any clever person would, you can use that backup to restore all your secure data to a new IronKey. If not, your data's gone forever"
If Ironkey has a support / customer service department it may be worth e-mailing or calling in and asking this question.
Good Luck!