Excellent post Chris. I've thought about "shares" before. In spot.us there is the possibility of earning credits back if we sell the first publishing rights. But two things have gotten in the way.

1. We are a nonprofit so when we do sell first publishing rights back and give the credits back to the original donors it has to stay as credits. They are not allowed to earn back their money on a tax-deductible donation. Even just the act of giving credits back changes the legal nature of their original donation - but as long as the credits aren't converted into $'s for them - it's fine (we just become a donor advised fund).

2. For the type of reporting that Spot.Us supports - I think they are, by nature, loss leaders. It's hard to break even, let alone make a profit. It would be the occasional crazy story (catching a politician red handed) that would make money. But the run of the mill story. Even the run of the mill corruption story - doesn't necc. make money.

That said: This could work for things like films, some feature stories, photos, etc. I will check this out and look into it - because I see it as a very viable way forward if there is an agreement with the SEC. Not sure what is patentable about this though.... i mean, they didn't just invent the idea of selling shares.