LIQUIDATION AND DISTRIBUTION ANALYSIS
Chapter 7 Enterprise Value under Plan
Note Liquidation Value Low High
Sources 1 Cash $171,994,521.18 $171,994,521.18 $171,994,521.18
2 Global Services $6,374,878.00 $8,274,878.00 $11,874,878.00
3 China.com $21,800,000.00 $29,700,000.00 $36,500,000.00
3 Menue, Inc. $3,300,000.00 $5,000,000.00 $10,000,000.00
3 CDC Games $1,200,000.00 $2,000,000.00 $5,000,000.00
Total Sources $204,669,399.18 $216,969,399.18 $235,369,399.18
Uses 4 Professional Fees ($4,659,857.15) ($4,659,857.15) ($4,659,857.15)
5 Advisor Fees – Moelis ($545,000.00) ($1,042,500.00) ($1,884,379.95)
5 Advisor Fees-Morgan
Joseph
($3,686,779.59) ($4,525,647.57) ($5,393,742.80)
6 Transition Services ($1,154,631.42) ($1,154,631.42) ($1,154,631.42)
7 Bonuses/Severance ($1,117,507.00) ($1,117,507.00) ($1,117,507.00)
8 SAR/Options ($510,000.00) ($510,000.00) ($510,000.00)
9 Payroll ($418,258.33) ($418,258.33) ($418,258.33)
10 U.S. Trustee Fees ($101,125.00) ($111,125.00) ($111,125.00)
11 Claims ($2,916,921.27) ($2,916,921.27) ($2,916,921.27)
Total Uses ($15,110,079.76) ($16,456,447.74) ($18,166,422.92)
Equity Recovery 12 $189,559,319.42 $200,512,951.44 $217,202,976.26
Option
Consideration
13
$5,926,594.00 $5,926,594.00 $5,926,594.00
Total Distribution 14 $195,485,913.42 $206,439,545.44 $223,129,570.26
15 Number of Common
Shares at Petition Date
35,634,820 35,634,820 35,634,820
16 Restricted Stock
Awards
1,152,270 1,152,270 1,152,270
Total Shares Including
Restricted Stock
Awards
36,787,090 36,787,090 36,787,090
17 Outstanding Options
under $5.25
2,217,534 2,217,534 2,217,534
Fully Diluted Shares 39,004,624 39,004,624 39,004,624
Chapter 7 Enterprise Value
Liquidation Value Low High
Per Share
Distribution
(assuming fully
diluted shares &
no disallowed or
subordinated
options/RSA)
[Total
Distrib./
Fully
Diluted
Shares]
$5.01 $5.29 $5.72
Per Share
Distribution
(assuming only
common shares
and all options/
RSA disallowed or
subordinated)
[Equity
Recovery/
No. of
Common
Shares at
Petition
Date]
$5.32 $5.63 $6.10