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Wednesday, June 22, 2005

LVWD: prospectus notes continued (form S-1)

1998: LVWD issued lots of warrants to NBC in exchange for TV ads (director Yudkovitz was from NBC Multimedia). Separately, warrants were given to NBC Multimedia to allow chat service within their localized web services (warrants replaced, repriced, increased). So you had to pay to use your services?

1998, 1999: LVWD issued lots of warrants to Hearst for newspaper ads.

1998: Patrikof loaned $900,000 (which as convertable into 228,405 pf series D stock) + warrants on 90,000 shares common (Hirschfeld director). New York Life loaned $400,000 (convertable into 102,183 shares of pf series D stock) + warrants on 40,000 shares common.

1999: director Snetiker exercised 125,000 options before vested using a 5.23% loan secured by the shares with a repurchase agreement by LVWD in case of weird situations (also automatically vesting 25% of unvested shares).

There was also a repurchase agreement for Woodul and Friedman unvested options (at the company's option).

[Note: Buffett says that when financial statements are difficult to parse, it's intentional. That related party section was difficult.]

[key shareholders moved to relevant post]

Warrants strike prices: mode was $4. Range was $3 to $10. 5 year expiration.
Accounting statement is from ? (odd that the accounting company is missing). It's KPMG who also audited previous years.

zillions of page of contracts etc.

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