It's bad enough that L.A.-based Brad Greenspan is out of his league in trying to concoct an alternative to Rupert Murdoch's offer for Dow Jones. Now, the former co-founder of the company that developed MySpace is simply looking foolish - almost sad. In a letter sent out to DJ shareholders this morning (and available in a PR release), Greenspan claims that "five highly credible strategic and financial investor groups" are interested in pursuing a deal (no names, of course). Er, does he really think that at this late stage the Bancrofts are prepared to consider his cockamamie plan? In the long and rambling letter, Greenspan said that those interested groups would invest $600 million in "new media initiatives" - a leitmotif in Greenspan's discussions with Bancroft reps a few weeks ago. "It is not too late for the directors to fulfill their fiduciary responsibility to shareholders and initiate a true sales process," he writes. "It can be completed in 60 days or less and will surely result in the best deal and most options for shareholders." Somebody needs to get this guy away from PR Newswire – for his own sake and for everyone else’s sanity. (Bloomberg, letter to shareholders)