Sam Sethi has thrown in the towel. There’s no place to take Blognation given the reality of zero funding and mounting debt. No bills were paid and the train wreck has run over Sethi. He announced today that he will not continue and steps down from Blognation.

The tally of debt is daunting. The developers of the site are owed $60K USD. The debt to, at least, 3 bloggers tops $20K with one owed $35K USD not including travel expenses. These figures are just the beginning.

Tristan Louis who owns the Blognation domain name may try to relaunch the site under a different corporation that will be free from all debts incurred by Blognation, Ltd.

Turn out the lights; the party’s over.

The irony of timing must be pointed out. Dennis Howlett observed that LeWeb and Sam Sethi controversy must be intertwined. For the Blognation Staff, LeWeb was to be our first team gathering – a chance to meet, a brainstorming session and a face-to-face social event – all courtesy of Blognation Ltd. As LeWeb shuts down today, so does Blognation.