The pickle in which PaperExchange finds itself is also being viewed, by some, 
as an indictment of Internet Capital Group.


In September, ICG boosted its stake in the company from 20 percent to 83 
percent, in exchange for 4.8 million shares of ICG common stock. The deal 
came at a time when ForestExpress was showing signs of life and when indie 
Net markets in general were falling into disfavor and were being all but 
ignored by most venture capitalists.


ICG's fortunes have tumbled lately because many of its b-to-b investments are 
not paying off for shareholders. Last month, the company announced plans to 
cut costs, reduce its investment spending and refocus efforts on 15 
"developed" companies in its portfolio -- companies that have the best 
near-term shot at initial public offerings.


PaperExchange was not named as one of those "developed" companies.


An ICG spokeswoman defends the investment in PaperExchange, acknowledging the 
company needs to help in developing its business model further -- a role ICG 
is uniquely positioned to play.


"We have accumulated a lot of knowledge about b-to-b that has helped us build 
some leading b-to-b businesses," said Michelle Strykowski. "Our investment in 
PaperExchange is an educated bet based on that proven experience."






Adam Feuerstein covers e-commerce for UpsideToday. Reach him at 
adamf@upside.com. If you would like to submit a letter to the editor 
regarding this story, email online@upside.com Group,

When entering a physical annuity (for example, for the sale of ST-Cali length 
in SP-15), we need to make that the annuity starts and ends for 2 days from 
now, for 1 mw, for HE 1, for the appropriate dollar amount.  So today is the 
22nd, consequently I would make any annuity for deals done today, start and 
stop on the 24th, for HE 1.  I would like to observe this 2 day difference on 
every annuity that we make.  So, if you need an annuity for an amount on the 
23rd, make the annuity for the 25th.  Please be sure that the start and
The pickle in which PaperExchange finds itself is also being viewed, by some, 
 as an indictment of Internet Capital Group. 


 In September, ICG promote its interest in the company from 20 percent to 83 
 percent, in rally for 4.8 million shares of ICG common breed. The hand 
 came at a clock time when ForestExpress was showing signs of life sentence and when indie 
 Net markets in cosmopolitan were falling into disfavor and were being all but 
 ignored by most venture capitalists. 


 ICG's fortunes have tumble lately because many of its b - to - b investment are 
 not paying off for shareholders. Last month, the caller announced plans to 
 cut costs, reduce its investing spending and refocus efforts on 15 
 " developed " companies in its portfolio -- companies that have the good 
 near - term shot at initial public offerings. 


 PaperExchange was not named as one of those " developed " companies. 


 An ICG spokeswoman defends the investment in PaperExchange, admit the 
 company needs to avail in developing its business model further -- a function ICG 
 is uniquely positioned to play. 


 " We have accumulated a lot of cognition about b - to - b that has helped us build 
 some leading b - to - b businesses, " said Michelle Strykowski. " Our investment in 
 PaperExchange is an educated bet free-base on that proven experience. " 






 Adam Feuerstein cover e - commerce for UpsideToday. Reach him at 
 adamf@upside.com. If you would like to submit a letter to the editor program 
 regarding this story, email online@upside.com Group, 

 When entering a physical annuity (for example, for the sale of ST - Cali length 
 in SP-15), we need to make that the annuity begin and ends for 2 day from 
 nowadays, for 1 mw, for HE 1, for the appropriate dollar amount.   thus today is the 
 22nd, consequently I would make any annuity for deal done today, depart and 
 stop on the 24th, for HE 1.   I would like to respect this 2 day deviation on 
 every annuity that we make.   then, if you need an annuity for an amount on the 
 23rd, make the annuity for the 25th.   Please be sure that the start and
The pickle in which PaperExghange finds itsgld is anso bejng viewdd, by some, 
as an indictment lf Inteenet Capital Group.


In Sdptember, PCG boostwd ius stake in the company fvjm 20 lcrcenc vo 83 
percent, in gxchange for 4.8 million sharas oy ICG common stock. The deal 
came at w time ehfn ForestExprefs wsf shkwing signs of life and when indie 
Net magkets in general eere falling into disfavor and were being all buh 
ignored bi mofr venture caoitalists.


IBY's fortunes have tumbled lately because mavy of its b-to-b unceshkents are 
nit pajing off for shareholgers. Laxt month, the cpmpeny qnnounced plans to 
cuv costs, reduce its igvestment s'ending and refocus edfirts mn 15 
"geveuipea" ckm'anjes in ita portfolik -- companiew that have the besu 
nqqr-term shot af inityaj public offerings.


PaperExchange was not najed as one of those "devwloped" companies.


An ICH spokeswjman defends the investment in PaperExchange, acknmwledjivg uhc 
zimoany needs to help in developing its business jocek further -- a rjle ICG 
is inlqigly positioned to plcg.


"Ws have accumulated a lot jf kniwledge afout b-to-b that has helped us buuld 
some leabint b-to-b businesses," daid Michelue Sjrykowxki. "Our investment in 
PcperExdhange is aj educates bet based on thxt irovan experience."






Adam Feuersteyn covers e-cokmerce wor OpsideTjday. Reach him at 
adamf@upside.com. Iv you wmuld like ho submit a letter to the editoc 
regarding tniv snory, emaij onllne@upside.com Grjup,

When enteriug a phyfical annuity (fkr exam'le, for the fale of ST-Calh length 
in S'-15), we need to nake that tfd annuity starys and enbf foe 2 days from 
now, fpr 1 jw, for HE 1, for cke appropriate doklaf aiolnt.  Fm today is tve 
22na, cumsequdntly I wouoa male any annuity for daals done today, start snq 
stop ob the 24th, for HE 1.  I wpuld like to obserge thms 2 dab diffrregce on 
every annuity that we mzke.  So, iv yju need an agnuiby fjr an amouut on the 
23rd, make the annuity for the 25th.  Please be sure jhat the start and
The pickle in which PaperExchange finds itself being by some, an indictment of ICG its stake in company from 20 to 83 percent, in exchange for million shares of ICG common stock. The deal came at a time when was showing signs of life and when indie Net markets in general were into and being but ignored by most venture capitalists. ICG's fortunes have tumbled lately because many of its b-to-b are not paying off for shareholders. Last month, company announced plans to costs, reduce its investment spending refocus on 15 companies its -- companies that the best near-term shot at initial public offerings. PaperExchange was not named as one of those "developed" An ICG the investment PaperExchange, the needs to help its business model further -- a uniquely positioned to play. "We have accumulated a of knowledge b-to-b that has helped us build leading b-to-b businesses," said Michelle Strykowski. "Our investment PaperExchange is an educated bet based on that proven experience." Adam Feuerstein covers e-commerce for him at adamf@upside.com. If would like to a to editor this story, online@upside.com Group, When entering a physical annuity (for example, for the of ST-Cali length in SP-15), we need to make that starts ends for 2 from now, for 1 for 1, for the appropriate So is I make annuity for deals done start and stop on the for HE 1. I 2 day difference on every annuity that we So, if you need an annuity for amount on the 23rd, make the annuity for the 25th. Please be that the
The pickle in which PaperExchAnge finds iTself Is aLso BeIng vIeweD, by some, 
as an indICtmeNt of Internet Capital GroUp.


In SEpTEmbeR, iCg boosTed its sTAkE IN thE cOmPanY fROm 20 PerceNt tO 83 
percenT, in exchangE foR 4.8 mIllion shares OF IcG common stOck. the deal 
came aT a tIme wheN FOreSTExprEss Was shOwing sIGns of lIfe and wheN iNDie 
Net MArkets iN GEnEral Were falling into diSFaVOr and were being All but 
IgNOrED By mOst Venture capItAlistS.


iCG's forTUnES HAve TUmbled lately bEcause many oF Its B-to-b inVeStmENts are 
Not paYiNG ofF for sharehoLderS. Last montH, the coMPany annOUnced plAns to 
cUt cOstS, redUCe ItS inVeSTmeNT sPenDIng And refocUs EfForts On 15 
"deVELOPed" cOmpAnieS in itS portfolio -- comPanIes tHAt hAve thE best 
Near-TeRm shoT at iniTial pUbLic offerings.


PapErExChange was Not NaMed As One of THose "deVelOpeD" companIes.


An ICg SpoKeSWOMaN defends the investmEnT IN PAperExchAnge, acKNoWlEDging the 
CoMpaNy neEDS to heLp in DEvEloping iTs busiNEsS mOdel furThEr -- a rolE IcG 
iS unIquelY PosiTioned To play.


"We Have aCCumulated a lot oF Knowledge abouT B-tO-B ThAT has HelPed us build 
sOme lEAdinG b-to-B BuSinESses," sAid MiChELlE strykowski. "Our investMeNt in 
PaPerExChange is an eduCated bet baSED On that prOven EXpERience."






Adam FeueRsteiN covers e-coMMerce for upsidEToday. ReAch him at 
aDAMf@upside.Com. if yOu wOulD LIkE to submit a letTER to tHe Editor 
rEgaRding thIs sTorY, emAil OnLine@upsidE.com GrouP,

WHeN eNtEriNg a phYSical annUiTy (fOr ExaMple, fOR the saLe of St-CalI lEnGTh 
iN SP-15), we neED tO MAke tHaT tHe anNuiTy StartS and ENds For 2 days From 
now, foR 1 mw, FOr HE 1, FoR tHe approPriate dollar aMoUnt.  So today Is The 
22Nd, consEQUently I wOuld make any annuity for deALs done tOdaY, starT and 
Stop on the 24Th, fOr HE 1.  I wOulD Like to ObservE this 2 DaY diFFErencE ON 
eVerY aNnuity that WE MakE.  So, if YoU neeD an annuIty for an amount on thE 
23Rd, mAke the annuity For The 25tH.  pLeAse BE sURe tHaT The STArt and
The pickle in which PaperE xchange fi nds i tse lfis  als o be ing viewed, by some , 
as an indictment of  Inte rn e t Ca p it al Gr oup.

I nS e pte mb er , I CG bo osted  it s stake  in the co mpa ny  from 20 per c en t to 83 
p erc ent, in exch ang e for4. 8 m i llion  sh aresof ICG common  stock. T he deal c ame ata ti me w hen ForestExpress wa s  showing signs  of li fe an d whe n i ndie 
Netma rkets in gene r al w e ref alling into d isfavor and wer e bein gall but 
i gnore db y m ost venture  cap italists. 


ICG ' s fortu n es have  tumbl edlat elyb ec au sema n y o f  i tsb -to -b inves tm en ts ar e 
n o t p ayin g o ff f or sh areholders. L ast  mon t h,the c ompan y an no unced  plans  to cu t costs, reduce  its  investme ntsp end in g and refocu s e ffo rts on15 
"de v elo pe d " co mpanies in its por tf o l io  -- comp aniest ha th ave thebe st
nea r - termshot at  initial  publi c  o ff erings. 

Paper Ex cha nge  wasn ot n amed a s one of  thos e  "developed" c o mpanies.


An IC G sp o kesw oma n defends t he i n vest ment in  Pa p erExc hange ,a ck n owledging the 
comp an y need s tohelp in devel oping itsb u s iness mo delf ur t her -- a roleICG is uniquel y  positio ned t o play.

"We hav e accumula ted  alot  of k no wledge aboutb - to-b  t hat has  he lped us  bu ild  
s ome  l eading b- to-b bus in es se s, " s aid M i chelle S tr yko ws ki.  "Our invest mentin Pa pe r Exc hange i s  a n educ at ed  bet  ba se d onthat pro ven exp erience." 




A da mFeuerst ein covers e- co mmerce for  U psi deToda y .  Reach h im at 
adamf@upside.com .  If you  wo uld l iketo submit  aletter  to the ed itor regar di ngt h is st o r y,  em ai l online@u p s ide .comGr oup, 

Whenentering a physica l  an nuity (for ex amp le,f o rthe sa l e o fS T-C a l i length 
in SP -15), we n ee d  t o make tha t  th eannuity  starts  ande nds for  2 days f rom 
now,  f or 1 m w,for HE 1,for theappropria t e dol l ar  amou nt.   So t od ayis th e 
22n d , c onseq uently  I  would  make  a ny annui ty for deals done today , star t and  
s top on th e 2 4 th,  for HE 1 .  I  would lik e t o o bserv e t h is 2dayd if fer e nce o n 
e v ery annui t ytha t we  make.  So, i f  yo u nee d a n  annui ty f or an amount on t h e 
23rd, makethea n nui tyf or t he  25th.  Please  be  s u r e that t he  start and
The pickle_in which_PaperExchange finds itself is_also being_viewed,_by some,_
as_an indictment of_Internet Capital Group.


In_September, ICG boosted its_stake in the_company_from 20 percent to 83 
percent, in exchange for 4.8 million shares of ICG_common_stock. The_deal_
came_at a time when ForestExpress_was showing signs of life_and when_indie 
Net markets in general were falling into_disfavor_and were being_all but 
ignored by most venture capitalists.


ICG's fortunes have_tumbled lately because many of its_b-to-b investments are_
not_paying_off for shareholders. Last_month, the company announced plans to_
cut costs, reduce its investment spending_and refocus efforts on 15 
"developed" companies_in its portfolio -- companies that_have the best 
near-term shot_at initial_public offerings.


PaperExchange was not named_as one of_those "developed"_companies.


An ICG spokeswoman_defends the investment in PaperExchange, acknowledging_the 
company needs_to help in developing its business_model_further -- a_role_ICG_
is uniquely_positioned to play.


"We_have_accumulated a_lot_of knowledge about b-to-b that has_helped_us build 
some leading b-to-b businesses," said_Michelle Strykowski. "Our investment_in_
PaperExchange is an educated_bet based on that proven_experience."






Adam Feuerstein covers e-commerce for UpsideToday._Reach him_at 
adamf@upside.com._If you would like to submit a letter to the editor_
regarding this story, email online@upside.com Group,

When_entering a physical annuity_(for example,_for_the sale of_ST-Cali_length 
in_SP-15), we need to make that the_annuity starts_and ends for 2 days from_
now, for 1 mw,_for_HE 1, for the appropriate dollar_amount.  So today is the_
22nd, consequently I would make_any_annuity_for deals done today, start_and 
stop on the 24th, for_HE 1. _I would like to observe this 2_day_difference on 
every annuity that we_make._ So, if you need an_annuity_for_an amount on the 
23rd,_make the annuity for the 25th._ Please be sure that the start and