As everyone knows by this morning, Spot Runner–the heavily-funded and once-hyped online-offline advertising agency–is being sued by one of its more prominent investors.

Ad behemoth WPP essentially paints an ugly picture of Spot Runner as the Bernie Madoff of Web 2.0.

It is alleging in a lawsuit that Spot Runner, in a “pump and dump” scheme, sold over $54 million in “secondary” shares to line its own pockets without telling WPP much, all while losing money, running out of funding and not building a sustainable business.

Here’s the background and also an interview BoomTown did with CEO and co-founder Nick Grouf in better days.

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About a month ago, BoomTown reported that MSN executive producer and general manager Jeff Dossett was contemplating joining Yahoo.

Microsoft released a statement that day saying Dossett was indeed stepping down from his MSN duties, as I had posted, but noted that he was staying put at the software giant.

Oops, it looks like I was right in my report: “The Secret Microsoft Invasion of Yahoo Continues: MSN GM Headed There Soon?”

Dossett has accepted a job as SVP, U.S. Audience at Yahoo, Yahoo said this afternoon, while also confirming my previous report that Yahoo Media Group head Scott Moore was departing.

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Jeff Dossett, a longtime Microsoft exec and current executive producer and general manager of MSN, is leaving the company, sources said, and is likely to land at Yahoo soon.

A longtime and experienced mountain climber, Dossett has been one of the more senior digital execs at Microsoft.

It is an interesting digital-musical-chair trend, in fact. On Monday, another former Microsoft big shot, Joanne Bradford, will start her job as Yahoo’s top U.S. sales exec.

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After the news broke that former Microsoft exec Joanne Bradford was headed to Yahoo as the head of its U.S. ad sales and more, I got to talk to both her and her new boss, Hilary Schneider, on the phone this morning about the move.

Bradford left her job as national ad sales chief at Spot Runner, where she arrived just six months ago, to take the position of SVP of U.S. revenue and market development at Yahoo.

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In what is both a surprising and not-so-surprising move, Yahoo has replaced its top U.S. ad sales exec with one from Microsoft.

The departure of Dave Karnstedt, who took over last year when longtime Yahoo ad sales exec Wenda Millard left Yahoo in the first of many controversial partings, has been long rumored internally.

Karnstedt will join Redpoint Ventures and is being replaced by Joanne Bradford, a longtime and well-known Microsoft exec who decamped from the software giant to helm national ad sales at the trendy start-up Spot Runner just six months ago.

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On one of my many trips to Los Angeles (what can I say? I like to hang where LoRo* hangs), I dropped in to see Nick Grouf of Spot Runner.

As many might know, Spot Runner is an online-offline ad agency play that has gotten big funding and even bigger hype of late.

Usually, BoomTown runs screaming from such Web 2.0 dandies, but there is definitely some there there at Spot Runner.

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In a much-expected financing, LinkedIn has joined the big funding club (Slide, Spot Runner) of late, by raising $53 million at a startling $1 billion valuation.

Why go public when you can just pretend?

Actually, unlike a lot of Web 2.0 start-ups, the professional-networking site has been profitable since 2006.

The new slug of cash comes from new investor Bain Capital Ventures, along with existing investors Sequoia Capital, Greylock Partners and Bessemer Ventures.

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So what will Microsoft’s next quarry be?

Facebook? AOL? A series of small Web 2.0 stars like Digg (probably too late, as Google is already first in line there again), Spot Runner and others?

That is, if there will be one after the Yahoo takeover debacle or if the software giant somehow screws up the courage and, despite the constant rejection, goes back again to try to scoop up Yahoo.

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Imagine this:

Google starts buying up a series of promising and innovative Web 2.0 companies that Microsoft is either partnered with or clearly is or should be interested in.

It starts with Digg, moves onto, say, Spot Runner and others (Meebo, FriendFeed, iLike and even Slide?), focused especially in the online ad, messaging, online apps and mobile spaces.

And, just to stir up the pot, why not take a gander at some bigger Internet fish?

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This is an amazingly hip and funny video from the Sermon Series on Families at North Point Church of Springfield, Mo., posted on GodTube.

GodTube, which describes itself as a Christian video-driven social-networking site, “where users find inspiration, interact, chat, share and upload” Christian video, has about 2 million users per month.
GodTube also lets churches stream [...]

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Project Granola?

Apparently, that’s the jokey nickname that’s been given by some in the company to Microsoft’s new online strategy, in the wake of its failed efforts to acquire Yahoo that ended in a big heap of mess this past weekend.

Now, sources tell BoomTown, it is all about “organic”–hence the image of a healthy handful of granola (except for the fact that, in my experience, nobody really likes granola after eating it as much as they think will before).

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Spot Runner, the online ad agency, delivered yet another Web 2.0 miracle today, raising another $51 million in funding from a diverse group of investors.
Among other services, Spot Runner makes and places low-cost television and radio ads for small businesses and is trying to bridge the gap between the traditional and online ad market.
In this [...]

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An interesting move with MSN exec Joanne Bradford heading over to the Internet-based ad agency Spot Runner, which helps companies create ads for radio and television.
She will be executive vice president of National Marketing Services, focused on national advertisers, for the ad-services company. Bradford was a VP and chief media officer of MSN Media Network [...]

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