MySpace founder and former Intermix Media chairman Brad Greenspan is demanding that the Securities and Exchange Commission, the Justice Department, and the Senate investigate his allegations that Rupert Murdoch's NewsCorp "bilked" investors out of billions of dollars in its $580 billion dollar acquisition of the social networking behemoth.

As reported in the Los Angeles Times Greenspan "leveled allegations of insider trading and options manipulation on the website FreeMySpace.com, where he quotes e-mail exchanges that purport to show how Intermix engineered a quick sale to News Corp."

"It wasn't about what's the best deal," Greenspan said. "It was about getting the deal done at any cost and jamming it home. That's just not a fair way to play."

This all may become relative if MySpace begins to lose its "cool" factor with the 18-34 crowd. OnLine Media Daily looks at the "Greying of MySpace": " More than half the visitors to the popular social network site are now 35 or over--up from less than 40 percent last year.

The proportion of MySpace's audience between the ages of 12 and 24, meanwhile, has dropped to 30 percent from 44.3 percent over the last year, according to a study by comScore Media Metrix released Thursday. The comScore research compared audience demographics among top social sites, aiming to dispel the notion that they are the exclusive domain of teens. "

Steve Yelvington notes the "greying" phenomenon: "That shouldn't be surprising; with the barrage of media coverage about the dangers of Myspace, every mother in America is trolling through Myspace for evidence of her children's activities. (And probably more than a few older creeps trolling for the children.) Anybody tempted to think Myspace is unassailable as a business should keep in mind that young people have fickle brand loyalties and can switch in a moment, and there are many alternatives."

Steve Yelvington, shares some advice on building successful online communities in response to Rob Miller's OJR essay Five rules for building a successful online community.

Steve is cautious on Rob's interest in

A community is where people get to know one another and develop interpersonal relationships. Cities aren't communities, but they can contain communities -- at the neighborhood, church and social organization level. Communities are small and strong."

Mark Hamilton finds he is more convinced that "something real" is happening in the Second Life virtual online community after reading about Rebecca MacKinnon's reason for joining Second Life . Rebecca plans to take a course, Law in the Court of Public Opinion that will be taught both in Second Life and in real life by Harvard law school professor Charles Nesson. Rebecca also notes some of Second Life's limitations for social interactions in Chinese, as well as Ethan Zuckerman's observations on its limits for raising "awareness about the plight of people living in conflict-torn and impoverished parts of the world."