That’s what we wondered after we heard word late today of Elizabeth Spiers‘ abrupt exit from the blog network she founded last year. (Spiers wrote in an e-mail that she and her partners had “an insurmountable difference of opinion regarding long-term strategy” and that she wants “to do some projects that are materially riskier and more experimental than Dead Horse’s existing properties.”)

Last month, Dealbreaker.com posted marketing materials of a hedge fund called Solengo Capital. Solengo Capital, in turn, filed a lawsuit and sought a temporary restraining order against Spiers and Dealbreaker, which eventually took the offending post down.

Spiers’ backers — The Week president Justin Smith and Logicworks CEO Carter Burden — couldnt’ve been terribly happy — no one likes a lawsuit. But — and we’re just guessing here — Dealbreaker’s irreverent response to the Solengo imbroglio (one post was entitled “Solengo’s Lawyers Strike Back: We Still Say Suck It.“) could’ve driven Smith and Burden to the brink, and potentially exacerbated the brewing difference of opinion between Spiers and her money men.

We e-mailed Spiers for comment and have yet to hear back. Smith did not return a phone call seeking comment.

  • Lawsuit Filed Against Spiers, Dealbreaker [PDF]

    EARLIER:

  • UPDATE: Dealbreaker: Spiers’ Exit Memo
  • Dealbreaker: Spiers Out