i have narrowed it down to several possible blackmailers
martin lopez-fitzgerald , rachel , valerie , vincent , spike, sam bennett , gwen
martin has motive because luis can't stand his own father.rachel because she only pops up at mysterious times. valerie is still in love with chad who is married to whitney who is friends with theresa who is luis's sister. vincent is having a homosexual relationship with chad and when theresa asked him for info on the blackmailer he came back no info mysteriously.spike has been trying to ruin luis and fancy ever since they arrested him a few months back. sam bennett has motive considering the fact he has a house full of problems with jessica's unexpected pregnancy and kay marrying the wrong man plus he access to the mansion because he knows the security system. gwen had it out for theresa's family ever since she lost her babies and found she was infertile. plus she probably had this theory that if she left town she could pose as a blackmailer, get enough dirty info on theresa she could blast it at ethan and he would hate theresa forever.

so fellow harmony lovers now that you have the theories
WHO COULD THE BLACKMAILER BE?

Jessica's pregnant? when did this happen?

I personally feel that it's Spike and/or Valerie & Vincent.

I disagree with funkygirl! I believe the blackmailer is VINCENT!! He works for the tabloid, the memory stick was given to the tabloid therefore he could have stolen it.. it has all of Harmony's juicy details, etc. Thats just my opinion.

I have NO CLUE WHATSOEVER on who the blackmailer may be! Everytime I get an idea, it gets thrown out the window...LOL...I just wish this story line would be over already!!! It's been going on and on and on and on....Its like that old childrens show Lamb Chops Play Along Song...This is the song that doesn't end, yes it goes on and on my friends, some people started singing it not knowing what it was, but they'll continue singing it forever just because this is the song that doesn't end.....LOL

Well as we have said under like 30 other topics, our thought is that is is Gwen and JT, the blackmailer said Ethan's mine, and JT may have never even put the memory stick in there mabie he facked his death or someting.

The reason why there are so many topics about the blackmailer because it happen to be the most interested topic on this show's history.
I think Vincent is the blackmailer, and Valerie is his alter ego.

Oh thanks for putting that insideous song into my head! LOL

For once the solution is not obvious. I just hope it make sense when it's revealed.
My favorite suspects as Valerie/ Vincent. They hare the most mysterious.