San-Francisco based PlanetOut (LGBT.O), whose holdings include The Advocate, Gay.com and Out Magazine, had successfully sold off its ailing RSVP Vacations unit and staved off creditors with a $26.2 million boost last year, much of it linked to Microsoft's Bill Gates. Its market value, however, continued to fall throughout 2007 with stockholders approving a 10-1 reverse split in August to raise the share price and avoid being delisted by Nasdaq. Earlier, PlanetOut laid off 5% of its workers in closing offices in Buenos Aires and London.

PlanetOut, having posted losses for the last seven quarters, has discontinued its quarterly earnings calls and projections, opting to communicate about its financial affairs mainly through SEC filings.