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To: Madeleine Harrison who wrote (86)	12/16/1999 10:47:00 PM
From: Mudlogger	Respond to of 143

Some thoughts regarding financing: A lot of investors are confused by what appears to negative implications regarding financing. We recently had a basher on the Raging Bull board, and by his mere presence I was able to surmise that the share price would likely have to rebound to $5.90 to close the Standard deal. Here are my impressions of the financing as outlined in the latest filing: 1.) A number of options and warrants have been exercised of late. Just from reading these last few filings, options are granted as means of avoiding debt and raising money, and they appear to have different restrictions. Some of the options were to contractors. 2) RGC is getting a lower conversion price because the stock price is low. I don't know the details of a "piggy back" clause, but it would make sense that a higher conversion price would probably be a severe limitation should the shares be carried in a secondary offering. 3) The RGC financing was closed just after the Real Networks deal, indicating that Real Networks was leveraged in the negotiations. The parties involved were all aware of a timetable that saw the Global Player being finished by Real Networks in December. Aware of this timetable, Global Media didn't really begin hiring and beefing up their staff until August. The elite technicians, assisting with the Global Player and developing the linux applications onto the servers, were already on the staff. I really don't think that November 6 was ever a deadline expected to be met, but a date set by the parties involved to negotiate terms based on the fair value of the stock price leading up to the full implementation of the business plan and a subsequent NASDAQ listing. 4.) A conversion price was intentionally not specified regarding Global raising 668,000 dollars on RGC converting 167,000 shares as that would be too revealing. The formula probably involves the exercise of other options, and the 668,000 dollars was the net. This should be seen as a positive, as the more money Global is able to raise, the more likely to meet NASDAQ qualifications. 5.) Cleaning house: means exercising cheap options and shaking out weak investors. The cheap options were granted when this stock became public on the BB, and are seen as a liability moving onto the NASDAQ. Exercising these options now not only raises money but dilutes the share price keeping it low. This in turn shakes out weak investors, keeping the stock price down. This will serve as a benefit to institutional investors who are unable to participate at this point. 6.) Exploitation: Chat rooms and message boards are breeding grounds for scam artists, in what is probably becoming a billion dollar a year ripoff. I would question anybody who leaves no personal information when they register. It would be very easy, say, for a market maker or an institutional investor, to call up a chrony of his and say, "Hey buddy, I got an opportunity for you." The Standard deal was very ripe for such an opportunity, especially for someone who easily reads an SEC filing, or may be privy to some insider information. Some of you might find this post interesting: Message 12262801