The NY Times’ DealBook blog edited by Andrew Ross Sorkin and the blog 10 Zen Monkeys by Jeff Diehl each give the low down on why the editor of ValleyWag, 22-year-old Nick Douglas (right), was fired this week by Gawker Media CEO Nick Denton. Both blogs obtained an internal memo in which Denton gives his reasons for giving Douglas the axe. Denton seemed distressed that Douglas was giving media interviews in which it seemed he wanted the Web site to get sued. Denton cited one interview in which Douglas was quoted as saying, “We haven’t gotten a serious legal threat so far. Well, a couple of minor ones, but we’re still waiting for a good solid cease-and-desist and a good lawsuit. We’re really trying to get News Corp. to sue us.” Denton also said the editor got too close to the subjects he was writing about which led to “favor trading and an elevated sense of one’s own importance.” Denton is now running ValleyWag out of San Francisco while he looks for a new editor. [PPC, Tuesday: Valleywag editor gets the boot]