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Brad Greenspan, Major Stockholder of Intermix, Launches Web Site to Rally Stockholders to Vote against the Proposed News Corp Deal.


LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850.  -- Contact information should read: J.J. Rissi, 212-445-8224 (sted: Paul Jensen, 212-445-8066).

E[acute accent acute accent
n.
A mark (´) indicating:
a. that a vowel is close or tense, as é in French été.

b. that a vowel or syllable has a high or rising pitch, as in Chinese or Ancient Greek.

c.
]The corrected release reads:

E[acute accent]BRAD GREENSPAN Brad Greenspan is an internet entrepreneur who has been involved in the founding and proliferation of web properties including MySpace. Greenspan founded eUniverse Inc. (later renamed Intermix Media) in 1998, which went public in 1999.[1] The company survived the . , MAJOR STOCKHOLDER OF INTERMIX in·ter·mix  
tr. & intr.v. in·ter·mixed, in·ter·mix·ing, in·ter·mix·es
To mix or become mixed together.



[Back-formation from obsolete intermixt, from Latin
, LAUNCHES WEB SITE TO RALLY STOCKHOLDERS TO VOTE AGAINST THE PROPOSED NEWS CORP DEAL

E[acute accent]--Web Site Demonstrates How News Corp Offer Undervalues Intermix and the Growing Value of MySpace;

E[acute accent]--Reveals Why Intermix Management Failed to Initiate an Auction Process Including Elimination of Insider Trading Liability

E[acute accent]Today, former eUniverse CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  and Intermix' largest non-insider stockholder, Brad Greenspan, launched IntermixedUp.com, a Web site to rally stockholders to vote against News Corporation's (NYSE NYSE

See: New York Stock Exchange
: NWS NWS National Weather Service
NWS Naval Weapons Station
NWS New World Symphony
NWS Nuclear Weapon State
NWS Not Work Safe
NWS National Watercolor Society
NWS North Warning System
NWS Nose Wheel Steering
NWS National Waste Strategy (UK) 
) proposed purchase of Intermix (Amex: MIX), parent company of MySpace.com. The Web site also encourages Intermix Management to initiate an auction process to deliver full and fair value to Intermix stockholders. E[acute accent]The Web site, found at www.IntermixedUp.com, explains that Intermix stockholders should vote against the proposed News Corp. transaction because Intermix Management breached their fiduciary duties and denied stockholders full value for their Intermix shares by:

E[acute accent]--1. Failing to initiate an auction process for Intermix to allow for competing bids to maximize stockholder value;

E[acute accent]--2. Agreeing to sell Intermix to News Corp. in a sweetheart deal Sweetheart Deal

A merger or company sale where one company involved in the deal gives the other very attractive terms and conditions.

Notes:
In other words, a sweetheart deal is a transaction that a firm simply cannot pass-up. This is usually considered to be unethical.
 that radically undervalues Intermix and fails to recognize the growing value of MySpace.com; and

E[acute accent]--3. Rushing to sell Intermix to protect themselves from personal liability from management misdeeds and insider trading, including: artificially inflating business metrics; ramping up activities in a business division under investigation by the New York State Attorney General The New York State Attorney General is the chief legal officer of the State of New York. The office has been in existence in some form since 1626, under the Dutch colonial government of New York. ; and selling $25 million of Intermix stock with the benefit of inside information.

E[acute accent]"To sell an attractive Internet concern such as Intermix and MySpace without an active auction process is unconscionable Unusually harsh and shocking to the conscience; that which is so grossly unfair that a court will proscribe it.

When a court uses the word unconscionable to describe conduct, it means that the conduct does not conform to the dictates of conscience.
, and will only result in the grossly undervalued Undervalued

A stock or other security that is trading below its true value.

Notes:
The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating.
 price of $12.00 per share that News Corp. has offered Intermix stockholders," said Brad Greenspan. "MySpace continues to grow every month, and now accounts for 12.9% of all online display ads shown in the U.S., while users of MySpace generate more monthly page views than Yahoo and Google. I believe other major media companies are interested in bidding for Intermix, however Intermix refused to wait for other offers, and rushed to strike a sweetheart deal with News Corp. that favors Intermix Management. If stockholders vote NO against this transaction, they will open the door for a fair auction process and gain the opportunity to receive a full and fair price for their Intermix shares."

E[acute accent]The Web site also encourages stockholders to also consider that:

E[acute accent]--A fairness opinion Fairness Opinion

A report put together by qualified analysts or advisors providing to key decision makers an evaluation of and facts about a merger or acquisition.

Notes:
A fairness opinion serves as a document used for guidance in a merger, takeover, or acquisition.
 issued by Intermix' own investment bankers, Thomas Weisel Partners Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG), often shortened to just TWP or TWeisel, is a U.S. middle-market and growth focused investment banking firm based in San Francisco, California. , indicates that Intermix stockholders deserved up to $19.50 per share.

E[acute accent]--A fair auction process will prevent Intermix Management from making another poor and self-serving decision. It was only seven months ago when Management sold 25% of MySpace to VC Redpoint at an irrationally discounted valuation of approximately $30 million. Without this incredible gift to VC Redpoint, stockholders could have expected to receive at least another $2.00 per share from the News Corp. offer.

E[acute accent]--News Corp. paid $650 million ($70 million more than their low-ball Intermix offer) for IGN IGN Ignored (Status)
IGN Institut Geographique National
IGN Ignition
IGN Instituto Geografico Nacional (Spain)
IGN Imagine Games Network
IGN In-Game Name (gaming) 
, a smaller and less valuable company. News Corp paid more for IGN for one simple reason: IGN conducted a proper auction process.

E[acute accent]--By voting against the News. Corp transaction, stockholders can enable an auction which will result in a better deal for stockholders. Without an auction process, potential bidders had no access or ability to review financial and other significant information on MySpace, the most valued asset of Intermix, and no opportunity to participate in an open and fair bidding process.

E[acute accent]Stockholders should recognize that Intermix Management rushed to strike a pre-emptive pre·emp·tive or pre-emp·tive  
adj.
1. Of, relating to, or characteristic of preemption.

2. Having or granted by the right of preemption.

3.
a.
, sweetheart deal with News Corp to protect themselves against personal financial liability and likely civil and criminal actions they would face for:

E[acute accent]--Insider Trading - The Web site www.insiderstocksales.com details how Intermix Management and Insiders sold $25 million of Intermix stock in full knowledge of a lawsuit that the New York State Attorney General planned to bring against the company, without disclosing the information to the marketplace. Management and other Insiders were able to unload millions of shares at prices ranging from $7.50 - $8.50 per share. Days later, when Management disclosed the event to the public, Intermix' stock price quickly slumped to $3.91 per share.

E[acute accent]--A scheme by the CEO which inflated unique visitors at Grab.com - the full story can be viewed at www.intermixedup.com/grab.htm.

E[acute accent]--Ramping up Adware promotion during the investigation by the New York State Attorney General - the full story can be viewed at www.intermixedup.com/downloads.htm.

E[acute accent]INTERMIX STOCKHOLDERS SHOULD VOTE NO AGAINST THE PROPOSED DEAL WITH NEWS CORP AND DEMAND MORE VALUE FOR THEIR SHARES.

E[acute accent]By voting against the News Corp. transaction, stockholders will allow for an active auction process to receive a fair and better price for their shares. If stockholders want to realize the full value of their Intermix investment, then the News Corp. transaction is the WRONG DEAL. E[acute accent]For full information visit www.intermixedup.com or contact intermixedup@yahoo.com.

E[acute accent]About Brad Greenspan

E[acute accent]Brad Greenspan is the largest non-insider stockholder of Intermix holding more than 4.2 million shares of Intermix stock or approximately 10% of Intermix. Brad was the sole founder of the company and a group of Internet assets now called Intermix, and served as Chairman and CEO until October 2003 when he left the company after trying to prevent the sale of dilutive preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders.

Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate.
 to VantagePoint. Under Brad's leadership and direction, the company created all of its significant Web properties including MySpace, Flowgo, and Skilljam.
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Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1USA
Date:Sep 21, 2005
Words:1005
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