By Nick Douglas, 8:56 PM on Thu Oct 5 2006, 2,186 views (Edit, to draft, un-top, Slurp)

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Good thing MySpace can't possibly be worth $20 billion as a crazed analyst projected last week — because if it is, ousted founder Brad Greenspan has a bone to pick.

Greenspan published a vertiginous report online today accusing MySpace executives of insider trading and fraud, implicating execs at MySpace creator Intermix and Fox Interactive head Ross Levinsohn, who oversaw News Corp's purchase of Intermix. Specific alleged offenses include execs lying to Intermix's investors about the value of the company.

Expect a rumble — if Fox Interactive deems Greenspan's charges baseless, at the very least the company will send a cease-and-desist or file libel charges against Greenspan. If Fox feels Greenspan has a case worth defending against, who knows — this is like watching a street punk try to shoot Superman. Some shit's gonna go down.

Incidentally, Greenspan is likely a main source for journalism student Trent Lapinski's story "MySpace: the Business of Spam 2.0," published in Valleywag last month.

The MySpace Report [FreeMySpace.com]
Myspace.com Founder Issues Report Finding News Corp.'s Myspace Acquisition Defrauded Shareholders of More Than $20 Billion [Business Wire via Haacked]