Missed opportunity: Current TV founder Al Gore dropped in on the start of Friday's "Hack the Debate" event, a partnership with Twitter. Attendees were invited to post updates to Twitter during the debate between Barack Obama and John McCain. Current flashed selected tweets onto the screen over a live feed of the debate. Wired dubbed it groundbreaking. Social media consultant Shel Israel complained the result was "just a bunch of young people making shallow comments." But either way, where was Gore?After giving a short speech to attendees, in which he praised their efforts to break the "feudal" system of network television, Gore promised "By tomorrow, I'll be on Twitter." Then he left. Come on, Al. How hard would it have been to sign up for Twitter on the spot, then stick around for a few minutes to lob an inconvenient truth or two across John McCain's puss during the opening leg of the debate? Instead, here's the message Gore sent: Twitter is for kids. (Video by Laughing Squid/Scott Beale)

I've long been fascinated with the ubiquitous gladhandery of Pete Cashmore, the 22-year-old founder of Mashable. And I've been meaning to ask Cashmore what, exactly, he does. Al Gore's cable channel, Current, has saved me the awkward moment. As a video clip shows, Cashmore talks on his cell phone, takes cabs, and meets with Internet luminaries. He claims that this process helps Mashable "get the news." For example? He interviewed Bebo founder Michael Birch days before the company's $850 million sale to AOL. Did his facetime land him the scoop? No. For that matter, Cashmore really hasn't written anything for Mashable in ages. Understandably. Appearing to be a blogger is a full-time job. The full clip:

Al Gore's Current TV, a "youth-oriented news company," is filing for a $100 million dollar public offering. Which means we all get to find out that apparently Gore's little tv station has been lying about its profitability for three solid years. Fast Company, NewTeeVee, the New York Times, and BusinessWeek all repeated claims by Current reps that the company was profitable. Turns out, not so much. "The youth-oriented news company had a net loss of $9.8 million in 2007, based on revenue of $63.8 million. It lost $7.6 million in 2006 and $14.3 million in 2005. Altogether, Current had $36.5 million in debts as of the end of last year." Why, Al? Why do you continue to lie to us? The wind chill is 30 below back where we're from, we can all see right through your deceptions! [NewTeeVee]

So much for the notion of cheap, user-generated content. Current Media, the operator of the Current TV cable channel and Current.com, hopes to raise $100 million in an IPO. Last year, the company, cofounded by Al Gore and Joel Hyatt, had revenues of $63.8 million and lost $17.1 million. Current's website isn't generating significant advertising, and the company makes most of its money in an old-fashioned way: fees from cable providers. The company is desperately short on cash; as of December 31, it had $2.2 million, and this month, it opened up a $50 million line of credit from JPMorgan Chase, in exchange for the right to take the company public. But the most puzzling thing in the prospectus is this: Current spent $31.4 million on programming and production in 2007. Isn't it supposed to run entirely on submissions from viewers?

Barely a year after its launch, MTV is shutting down Flux TV. The U.K. channel was the network's attempt to bring social media to the telly. Users determined which music videos the channel would broadcast, as well as upload their own media. But alas, the audience, used to sitting back and being fed entertainment, didn't care to lean forward. Which brings us to Current, the San Francisco-based cable channel founded by Joel Hyatt and Al Gore.