An anonymous reader writes "Flush w/ venture cap. funds, former Yahoo execs., together with the brother of Les Moonves (Chairman of CBS), thought they had a great idea — exploit one of the last great, untamed Internet territories of user-generated content: fanfiction. They decided to launch a site called FanLib.com
which they hoped would become the MySpace of fanfiction.
"Instead of creating the Myspace of fanfic since the launch two weeks ago," says Mary McNamara of MultiChannelnews, "FanLib.com sparked a white-hot Internet firestorm. The meltdown is a hard lesson in how not to conduct business on the Internet. But it's a firestorm of FanLib's own making because, in spite of the Yahoo pedigree (or maybe because of it), they plowed in like china shop bulls."
Go here for her long, link-rich article/blog post. http://www.multichannel.com/blog/1300000330/post/