John Cook's Venture Blog reported that:

Skillbit, the Seattle Internet startup created in January by a group of more than 100 volunteer developers, lawyers and business people as part of the Startup Weekend, has closed down due to legal complications over the ownership structure.

I had wondered how the Startup Weekend process dealt with ownership issues -- but apparently the SEC is the real problem. 

There's a Startup Weekend project scheduled for Portland May 23-25.