Re: Fwd: Gertler Investment/Purchase

<DKIESQ@aol.com>

ask mort to put in a call to ron burkle who says he
and stephen bing want to buy radar in its entirety

Please let me know how you wish to proceed.

Thanks.

Darren

Subject: Gertler Investment/Purchase
Date: Wed, 21 Dec 2005 12:51:02 -0500
From: "Alderman, Cyna" CAlderman@nydailynews.com
To: dkiesq@aol.com
CC: "Marcus, Larry" LMarcus@nydailynews.com

Darren-

Just to follow up on our call yesterday, I am
waiting to hear back from
you on Jeffrey's reaction to Eric Gertler's proposal
to purchase the
Radar Website. As discussed, Gertler (who is the
CEO of Blackbook
Magazine and Mort Zuckerman's nephew) is proposing
to purchase the
assets of MJ LLC relating to the operation of the
website in exchange
for stock in KGM, which is a holding company that
owns Blackbook
Magazine. I have not received any diligence
materials at this time with
respect to the capital structure of KGM or the value
of the stock being
offered, although Gertler has told me that it will
be $100,000 in
preferred stock. I have no way to verify this
estimation of the value
of the stock. Also, as I mentioned to you
yesterday, Mort Zuckerman is
currently a minority shareholder in KGM.

I mentioned to Gertler that we might want to have
some type of an option
to unwind the transaction in the event that we are
able to find a buyer
for the magazine. He noted that, although they
would not commit to any
print version of Radar, they would consider looking
for investors in the
New Year. It might make sense to include some type
of payment to MJ LLC
in the event that Blackbook or any Gertler affiliate
wanted to proceed
with the publication of the magazine.

Please let me know Jeffrey's thoughts so that I can
determine if it
makes sense to draft a purchase agreement at this
time.

Thanks-

Cyna

Cyna Alderman
Assistant General Counsel
Daily News, L.P.
450 West 33rd Street, 3rd Floor
New York, New York 10001
tel: 212-210-1555
fax: 212-210-6305
calderman@nydailynews.com

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