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We've got some breaking new developments in yesterday's mysterious Page Six item about a bunch of otherwise unremarkable Yalies hanging at Myrtle Beach "hot-spot" Spanish Galleon. It's come to our attention that the Galleon in question is none other than the classy joint featured at right and "Yale s newest princes and princesses of Wall Street" are just a bunch of graduating seniors. Another inside source has even alerted us to the possible identity of the fool who fed this non-item to Page Six: another Yale student who, it seems, is desperately trying to edge his way into NYC's publicity-ready nightlife clusterfuck.

So, to summarize: Page Six ran an item about a handful of no-name Ivies pounding yards of daiquiris on their trashtastic spring break. Tomorrow, the exclusive scoop on their booze cruise adventures...

Anatomy Of A Gossip Item: Yale Kids Banished To Myrtle Beach [Gawker]