The auction for the assets closed at $280,000, just $30,000 more than the open price, with only two bidders. This despite Teare's optimistic claim that: "a buyer will get a huge bargain at almost any price up to $6m. We had term sheets within the last 2 months and interest at valuations around $10m."

The winning bidder was LookSmart, which has itself been struggling to remain relevant after its early success in Internet advertising and search ten years ago. Arrington, who claims he has tried to avoid discussing his investments on TechCrunch, provides his own positive spin, saying he's "happy to see the assets move to a company with the resources to move the ideas forward." Of course, it's unclear what these so-called ideas are. Can anyone explain, really, what Edgeio did? At that price, LookSmart may well have just been bidding on the servers, office furniture, and links to the domain name from TechCrunch.

Everyone has to be gone by 11/14 to make room for Murdoch's crew. Startups are scrambling for new homes. LookSmart is "restructuring/downsizing" and moving into the space the startups were in, while MySpace will move into the posh digs LookSmart previously occupied.

Funny enough, as LookSmart downsizes, all the startups are growing. LookSmart employees looking to jump ship are being snatched up left and right by the startups on our floor. Easy enough for them, they only have to move their stuff down a flight of stairs ;)