AngelGate is actual news. It may not be a story broke by CNN, or which appeals to their audience, but it involves real money, people, and laws. Apparently, the Federal Bureau of Investigation is now involved. This is not some frivolous gossip story. Also, it does seem to be topical considering it's on a spin-off news forum for a site with the primary purpose of angel investing. I for one am quite interested in learning more facts about this story.
It was actual news and it is important. It seems to have now descended somewhat into gossip.
I agree any news we receive right now will have a gossip feel to it. Nobody is under oath, after all. However, I think we can learn some relevant (even if speculative) information from those closest to the situation.
It's drama, but it's also of life-changing importance to some people on HN. It's also Sunday, so it's a slow news day anyways.
I'm actually glad that this was and continues to be a big story in our world; it says something. I'm reminded of @cdixon's comment on Twitter the other day:
'One thing angelgate shows is how ethics-driven the startup world is. On Wall Street, meeting to fix prices is called "lunch."'