Whatever other problems it has, Nike Inc. (NYSE: NKE) has, historically, been on the side of the gay community. From sponsoring athletes at the Gay Games to offering domestic partnership benefits to its gay and lesbian employees, there is little fault for a gay rights activist to find with Nike.

But that didn't stop some people from making up fake controversies. The company's ads for its Hyperdunk basketball shoes feature competing basketball players in photos with heads in each other's crotches, hands on butts, etc. -- stuff that happens all the time during basketball games.

Now, in response to the criticism, the company is pulling the ads, citing its desire "to underline our ongoing commitment to supporting diversity in sport and the workplace."

The ads are funny and they're not homophobic -- Nike's track record on these issues demonstrates that. LGBT activists who make an issue out of stuff like this marginalize the real issues, by making it look like there aren't bigger battles to fight. With one presidential candidate who just learned what "LGBT" means, there clearly are. But silly stuff like this will turn people off and prevent those issues from being taken seriously.

According to The Wall Street Journal, "Major properties on the Las Vegas Strip are now offering lavish commitment ceremonies to same-sex couples (though same-sex marriage is illegal in Nevada), as well as special hotel and entertainment packages geared specifically toward gay and lesbian travelers. Some resorts have mandated sensitivity programs to teach employees how to make gay and lesbian travelers feel welcome."

It's hard to imagine what took them so long. By ignoring the gay market, Las Vegas casino operators were failing to capitalize on their perfect market: Single people who like to have fun and, because they tend not to have families to support, have more disposable income. Research also shows that gay men spend 30% more than straight men. If Las Vegas wants to remake itself into a world of pricey cuisine and luxury shopping, this is the market to target -- not coupon-clipping senior citizens.

But why is this just starting to happen now, as most experts say it is? Fear that Bible-trumping prudes would be offended if gay couples were part target market of Las Vegas promoters? If so, that could be the reason for the city's decline in glamor, and utter loss of cultural relevance.

Perhaps targeting the gay community is the beginning of Las Vegas' rebirth.

There are some stories that are so bizarre that they defy comment. All we can do is report the facts and you can draw your own conclusions. According to the Associated Press, "Air New Zealand is delving into the gay and lesbian market with a special themed flight that will feature drag queens, pink cocktails and a cabaret performed by the flight crew."

Hmm. The 14-hour flight from San Fransisco to Sydney will coincide with the Gay and Lesbian Mardi Gras, and will feature gay-themed movies and a special "Get-onboard-girlfriend" going away party for travelers. Flyers will pay an average of $1,000 round-trip.

It sounds campy and perhaps a bit dated, but it should generate tons of publicity -- good and bad -- for Air New Zealand. Absolut Vodka became an extremely valuable brand, in large part because of its focus on targeting the relatively-affluent LGBT community.

It remains to be seen whether an American airline will take on something this ambitious -- and potentially controversial. But if Air New Zealand has success -- which it will -- it's something that will have to be considered.

PlanetOut (NASDAQ: LGBT)'s short history as a public company has been nothing short of a miserable failure. After going public at $10 per share in late 2004, the company's stock will, barring bad news, hit a new 52-week high sometime around October 1. The problem is that that will only be because of a 1-10 reverse split announced today. The stock is currently trading at $1.42.

PlanetOut is a media company focused exclusively on the lesbian-gay-bisexual-transgendered market, with such notable properties as The Advocate, Out, Gay.com, and RSVP Vacations. The company took on far too much debt to build its empire, and shareholders recently found themselves badly diluted when the company had to raise money through a private placement with investors including a hedge fund controlled by Bill Gates.

But don't worry too much. The company's insiders have still gotten rich, even if they've wiped out somewhere around $150 million of shareholder value. The insider transactions (very few lately... mostly when the stock was trading over $8 per share) tell the story.

Given the demographic trends that should be so favorable for an LGBT media company, there's only really one explanation for such weak performance: mismanagement. The company's CEO, Karen Magee, said as much on a recent conference call. And no, she won't be returning any of the money she's made.

But everything will be OK. Even if they can't make the company profitable, PlanetOut's management can slice the pie in different ways to raise the share price. What PlanetOut needs is not a stock-split. It needs new management.