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So much for the notion of cheap, user-generated content. Current Media, the operator of the Current TV cable channel and Current.com, hopes to raise $100 million in an IPO. Last year, the company, cofounded by Al Gore and Joel Hyatt, had revenues of $63.8 million and lost $17.1 million. Current's website isn't generating significant advertising, and the company makes most of its money in an old-fashioned way: fees from cable providers. The company is desperately short on cash; as of December 31, it had $2.2 million, and this month, it opened up a $50 million line of credit from JPMorgan Chase, in exchange for the right to take the company public. But the most puzzling thing in the prospectus is this: Current spent $31.4 million on programming and production in 2007. Isn't it supposed to run entirely on submissions from viewers?