Document:

EXHIBIT 10.39
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                            SECURED PROMISSORY NOTE

$_________                                              May 15, 2000

      The undersigned ("Maker"), ENTRADE INC., a Pennsylvania corporation
for value received, and intending to be legally bound hereby, promises to
pay to the order of ___________________________________, ("Payee"), at
_____________________, or at such other place or places as Payee may
designate in writing, the principal sum of _____________ Dollars and No/100
($___________), plus interest from the date hereof on the unpaid principal
amount from time to time outstanding hereunder, at fifteen percent (15%)
per annum, with all principal and interest owed hereunder payable in full
on July 15, 2001 (the "Maturity Date").

      Interest shall be payable in arrears commencing on August 15, 2000,
and continuing on the fifteenth (15th) day of November, 2000 and the
fifteenth (15th) day of February, 2001 and including May 15, 2001, with a
final payment of all interest due on the Maturity Date.  Interest shall be
calculated based upon a year consisting of 365 days and charged for the
actual number of days elapsed.

      This Note may be prepaid by Maker at any time provided however that
such prepayment shall include an amount equivalent to interest through the
Maturity Date on the outstanding principal balance of the Note but not less
than one year's interest, less any amount of interest previously paid, plus
an amount equal to five percent (5%) of the initial principal balance of
the Note on the date of prepayment, provided, however, that if prepayment
is made after the last day of the twelfth month of the term of this Note,
the prepayment charge shall be the amount of accrued but unpaid interest
through the Maturity Date, plus five percent (5%) of the outstanding
principal balance of the Note.  Maker acknowledges and agrees that the
aforesaid prepayment charge is a reasonable estimate of the Payee's loss in
the event of any prepayment of this Note, and that any prepayment charge is
not a penalty.  In the event that Maker enters into a private placement or
a public offering of its securities which yield to Maker gross proceeds of
not less than Thirty Million Dollars and No/100 ($30,000,000), then
notwithstanding anything to the contrary contained herein, the Payee shall
have the right to demand prepayment of this Note, which amount shall be the
outstanding principal balance of the Note, plus all interest accrued but
unpaid up to the date of prepayment.  If the Payee exercises this option,
the Payee shall have no right to exchange any warrant issued by Maker
pursuant to the Agreement (as defined below) for a cash payment.

      This Note is one of a series of Secured Promissory Notes referred to
in that certain Note and Warrant Purchase Agreement dated even date
herewith by and between Maker and Payee and other Payees (the "Agreement")
under the terms of which each Payee shall receive a warrant which will
allow the Payee to purchase common stock of the Maker equal to the face
amount of the Note divided by twenty five (25) (the "Warrant"), and that
certain Pledge Agreement dated even date herewith by and between Maker and
Doerge Capital Management, Inc., a division of Balis, Lewittes & Coleman
("Pledgee") (the "Pledge Agreement"), under the terms of which Maker has
pledged, as pledgor, to Pledgee, as pledgee, for the benefit of each Payee
one hundred percent (100%) of the issued and outstanding stock of Asset
Liquidation Group, Inc., a Nevada corporation and Public Liquidation
Systems, Inc., a Nevada corporation each doing business as Nationwide
Auction Systems.   This Note is subject to all of the terms and conditions
of the Agreement, which terms and conditions are hereby made a part of this
Note to the same extent and with the same force and effect as if they were
fully set forth herein, and this Note is secured pursuant to the terms of
the Pledge Agreement.

<PAGE>

      It is expressly agreed by Maker that time is of the essence hereof,
and it shall be an Event of Default" hereunder if:

            (i)   Maker shall fail to pay any amount of principal or
interest due hereunder and such failure shall continue for seven (7) days
after Payee notifies Maker thereof in writing; or

            (ii)  Maker is or becomes insolvent or generally fails to pay,
or admits in writing  its inability to pay, debts as they become due, or
Maker applies for, consents to or acquiesces in the appointment of a
trustee, receiver or other custodian for Maker or any of its property,  or
makes a general assignment for the benefit of creditors, or, in the absence
of such application, consent or acquiescence, a trustee, receiver or other
custodian is appointed for  Maker or for a substantial part of Maker's
property and is not discharged within ninety (90)  days, or any bankruptcy,
reorganization, debt arrangement, or other case or proceeding under any
bankruptcy or insolvency law is commenced in respect of Maker, and if such
case or  proceeding is not commenced in respect of Maker, it is consented
to or acquiesced in by Maker or remains for ninety (90) days undismissed,
or Maker takes any action to authorize, or in the furtherance of, any of
the foregoing; or

            (iii) There shall be an Event of Default pursuant to any other
Note issued in conjunction with this Note, or any other document executed
in conjunction therewith including but not limited to the Pledge Agreement

      Upon the occurrence and during the continuation of an Event of
Default hereunder, the interest rate hereunder shall be increased to twenty
percent (20%) per annum and at the option of Payee, the entire unpaid
principal balance hereunder, together with all accrued interest thereon,
shall become immediately due and payable.  In addition, Payee shall be
entitled to exercise all rights of Payee hereunder and under applicable
law, including the right to collect from Maker all sums due under this
Note.  In addition, upon an Event of Default, the Payee may exchange the
Warrant for an amount equal to five percent (5%) of the initial principal
amount of this Note.

      In addition to the other sums payable hereunder, Maker agrees to pay
to the holder, within fifteen (15) days of demand, all reasonable
attorneys' fees and costs that may be incurred by the holder of this Note
in enforcing any of the terms hereof after an Event of Default.

      Except as otherwise provided in this Note or the Agreement, Maker
hereby waives notice of non-payment, notice of dishonor, and protest of any
dishonor, and agrees that its liabilities shall be unconditional without
regard to the liability of any other party and shall not in any manner be
affected by any indulgence, extension of time, renewal, waiver or
modification granted or consented to by the holder hereof.  Further, Maker
consents to any and all extensions of time, renewals, waivers, or
modifications that may be granted by the holder hereof with respect to the
payment or other provisions of this Note, and agrees that additional
makers, endorsers, guarantors or sureties may become parties hereto without
notice to Maker and without affecting its liability hereunder.

      The holder hereof shall not by any act of omission or commission be
deemed to waive any of its right or remedies hereunder unless such waiver
is in writing and signed by the holder hereof, and then only to the extent
specifically set forth therein.  The waiver of any event shall not be
construed as a waiver of any other right or remedy, nor shall any single or
partial exercise of any right or remedy preclude any other or further
exercise thereof or of any other right or remedy.

<PAGE>

      Whenever possible, each provision of this Note shall be interpreted
in such manner as to be effective and valid under applicable law, but if
any provision of this Note is deemed to be invalid or unenforceable under
such law, such provision shall be ineffective only to the extent of such
invalidity or unenforceability without affecting the validity or
enforceability of any other provision of this Note.

      Maker (and the undersigned representative of Maker, if any)
represents that Maker has full power and authority and legal right to
execute and deliver this Note and this Note shall be binding on Maker and
its respective successors and assigns.

      This Note shall be governed by and construed according to the
internal laws of the State of Illinois without regard to principals of
conflicts of law.

<PAGE>

      IN WITNESS WHEREOF, Maker has duly executed this Secured Promissory
Note as of the date first above written.

                               ENTRADE INC.

                               By:
                                     ------------------------------
                                                   , PresidentEXHIBIT 10.40
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      The securities represented by this certificate have not been
registered under the Securities Act of 1933, as amended, or registered or
qualified under any state securities laws.  The securities may not be sold,
transferred, pledged or hypothecated unless such sale, transfer, pledge or
hypothecation is in accordance with such Act and applicable state
securities laws.

WARRANT NO. ______             NO. OF SHARES OF COMMON STOCK:  ________

                                    WARRANT

                          TO PURCHASE COMMON STOCK OF

                                 ENTRADE INC.
                          A PENNSYLVANIA CORPORATION

            THIS WARRANT IS TO CERTIFY THAT ________________ ("Purchaser"),
is entitled to purchase from Entrade Inc., a Pennsylvania corporation (the
"Company"), ___________ (_________) shares of Common Stock at an exercise
price of $16.21 per share of Common Stock, all on the terms and conditions
hereinafter provided.

            SECTION 1.  CERTAIN DEFINITIONS.  As used in this Warrant,
unless the context otherwise requires:

            "Charter" shall mean the Articles of Incorporation of the
Company, as in effect from time to time.

            "Common Stock" shall mean the Company's authorized Common
Stock, no par value.

            "Exercise Price" shall mean the exercise price per share of
Common Stock set forth above, as adjusted from time to time pursuant to
Section 3 hereof.

            "Fair Market Value" shall be determined as follows:

            (1)   If traded on a securities exchange or through the Nasdaq
National Market, the value shall be deemed to be the closing price of the
securities on such exchange or system on the last trading date prior to the
date the Warrant is exercised;

            (2)   If actively traded over-the-counter, the value shall be
deemed to be the average of the closing bid or sale prices (whichever is
applicable) on the last trading date prior to the date the Warrant is
exercised; and

            (3)   If there is no active public market, the value shall be
the fair market value thereof, as determined in good faith by the Company's
Board of Directors.

            "Securities Act" shall mean the Securities Act of 1933, as
amended.

            "Warrant" shall mean this Warrant and all additional or new
warrants issued upon division or combination of, or in substitution for,
this Warrant.  All such additional or new warrants shall at all times be
identical as to terms and conditions and date, except as to the number of
shares of Common Stock for which they may be exercised.

<PAGE>

            "Warrantholder" shall mean the Purchaser, as the initial holder
of this Warrant, and its nominees, successors or assigns, including any
subsequent holder of this Warrant to whom it has been legally transferred.

            "Warrant Stock" shall mean the shares of Common Stock
purchasable by the holder of this Warrant upon the exercise of such
Warrant.

            SECTION 2.  EXERCISE OF WARRANT.

            (a)  After May 15, 2000 but prior to May 15, 2005 ("the
Expiration Date"), the Purchaser may at any time and from time to time
exercise this Warrant, in whole or in part.

            (b)(i)  The Warrantholder shall exercise this Warrant by means
of delivering to the Company at its office identified in Section 13 hereof
(i) a written notice of exercise, including the number of shares of Warrant
Stock to be delivered pursuant to such exercise, (ii) this Warrant and
(iii) payment equal to the Exercise Price in accordance with Section
2(b)(ii) hereof.  In the event that any exercise shall not be for all
shares of Warrant Stock purchasable hereunder, a new Warrant registered in
the name of the Warrantholder, of like tenor to this Warrant and for the
remaining shares of Warrant Stock purchasable hereunder, shall be delivered
to the Warrantholder within ten (10) calendar days of any such exercise.
Such notice of exercise shall be in the Subscription Form set out at the
end of this Warrant.

            (ii) The Warrantholder may elect to pay the Exercise Price to
the Company either (1) by cash, certified check or wire transfer, (2) by
converting the Warrant into Common Stock ("Warrant Conversion") or (3) any
combination of the foregoing, and specifying such election(s) in the
Subscription Form.  If the Warrantholder elects to pay the Exercise Price
through Warrant Conversion, the Company shall deliver to the Warrantholder
(without payment by the Warrantholder of any cash or other consideration)
that number of shares of Common Stock equal to the difference of (I) the
total number of shares of Warrant Stock into which this Warrant is
exercisable minus (II) that number of Shares of Warrant Stock having an
aggregate "Spread" (as defined herein) equal to the aggregate Exercise
Price.  For purposes of this Section 2, "Spread" per share of Warrant Stock
shall be the difference, as of the date of exercise, between the Exercise
Price and the Fair Market Value of the Warrant Stock.

            (c)  Upon exercise of this Warrant and delivery of the
Subscription Form with proper payment relating thereto, the Company shall
cause to be executed and delivered to the Warrantholder a certificate or
certificates representing the aggregate number of fully-paid and
nonassessable shares of Common Stock issuable upon such exercise.

            (d)  The stock certificate or certificates for Warrant Stock to
be delivered in accordance with this Section 2 shall be in such
denominations as may be specified in said notice of exercise and shall be
registered in the name of the Warrantholder or such other name or names as
shall be designated in said notice.  Such certificate or certificates shall
be deemed to have been issued and the Warrantholder or any other person so
designated to be named therein shall be deemed to have become the holder of
record of such shares, including to the extent permitted by law the right
to vote such shares or to consent or to receive notice as stockholders, as
of the time said notice is delivered to the Company as aforesaid.

            (e)  The Company shall pay all expenses payable in connection
with the preparation, issue and delivery of stock certificates under this
Section 2, including any transfer taxes resulting from the exercise of the
Warrant and the issuance of Warrant Stock hereunder.

<PAGE>

            (f)  All shares of Common Stock issuable upon the exercise of
this Warrant in accordance with the terms hereof shall be validly issued,
fully paid and nonassessable, and free from all liens and other
encumbrances thereon, other than liens or other encumbrances created by the
Warrantholder.

            (g)  In no event shall any fractional share of Common Stock of
the Company be issued upon any exercise of this Warrant.  If, upon any
exercise of this Warrant, the Warrantholder would, except as provided in
this paragraph, be entitled to receive a fractional share of Common Stock,
then the Company shall deliver in cash to such holder an amount equal to
such fractional interest.

            SECTION 3.  ADJUSTMENT OF EXERCISE PRICE AND WARRANT STOCK.

            (a)  If, at any time prior to the Expiration Date, the number
of outstanding shares of Common Stock is (i) increased by a stock dividend
payable in shares of Common Stock or by a subdivision or split-up of shares
of Common Stock, or (ii) decreased by a combination of shares of Common
Stock, then, following the record date fixed for the determination of
holders of Common Stock entitled to receive the benefits of such stock
dividend, subdivision, split-up, or combination, the Exercise Price shall
be adjusted to a new amount equal to the product of (I) the Exercise Price
in effect on such record date and (II) the quotient obtained by dividing
(x) the number of shares of Common Stock outstanding on such record date
(without giving effect to the event referred to in the foregoing clause (i)
or (ii)), by (y) the number of shares of Common Stock which would be
outstanding immediately after the event referred to in the foregoing clause
(i) or (ii), if such event had occurred immediately following such record
date.

            (b)  Upon each adjustment of the Exercise Price as provided in
Section 3(a), the Warrantholder shall thereafter be entitled to subscribe
for and purchase, at the Exercise Price resulting from such adjustment, the
number of shares of Warrant Stock equal to the product of (i) the number of
shares of Warrant Stock existing prior to such adjustment  and (ii) the
quotient obtained by dividing (I) the Exercise Price existing prior to such
adjustment by (II) the new Exercise Price resulting from such adjustment.

            SECTION 4.  DIVISION AND COMBINATION.  This Warrant may be
divided or combined with other Warrants upon presentation at the aforesaid
office of the Company, together with a written notice specifying the names
and denominations in which new Warrants are to be issued, signed by the
Warrantholder or its agent or attorney.  The Company shall pay all expenses
in connection with the preparation, issue and delivery of Warrants under
this Section 4, including any transfer taxes resulting from the division or
combination hereunder.  The Company agrees to maintain at its aforesaid
office books for the registration of the Warrants.

            SECTION 5.  RECLASSIFICATION, ETC.  In case of any
reclassification or change of the outstanding Common Stock of the Company
(other than as a result of a subdivision, combination or stock dividend),
or in case of any consolidation of the Company with, or merger of the
Company into, another corporation or other business organization (other
than a consolidation or merger in which the Company is the continuing
corporation and which does not result in any reclassification or change of
the outstanding Common Stock of the Company) at any time prior to the
Expiration Date, then, as a condition of such reclassification,
reorganization, change, consolidation or merger, lawful provision shall be
made, and duly executed documents evidencing the same from the Company or
its successor shall be delivered to the Warrantholder, so that the
Warrantholder shall have the right prior to the Expiration Date to
purchase, at a total price not to exceed that payable upon the exercise of
this Warrant, the kind and amount of shares of stock and other securities
and property receivable upon such reclassification, reorganization, change,
consolidation or merger by a holder of the number of shares of Common Stock

<PAGE>

of the Company which might have been purchased by the Warrantholder
immediately prior to such reclassification, reorganization, change,
consolidation or merger, in any such case appropriate provisions shall be
made with respect to the rights and interest of the Warrantholder to the
end that the provisions hereof (including provisions for the adjustment of
the Exercise Price and of the number of shares purchasable upon exercise of
this Warrant) shall thereafter be applicable in relation to any shares of
stock and other securities and property thereafter deliverable upon
exercise hereof.

            SECTION 6.  RESERVATION AND AUTHORIZATION OF CAPITAL STOCK.
The Company shall at all times reserve and keep available for issuance such
number of its authorized but unissued shares of Common Stock as will be
sufficient to permit the exercise in full of all outstanding Warrants.

            SECTION 7.  STOCK AND WARRANT BOOKS.  The Company will not at
any time, except upon dissolution, liquidation or winding up, close its
stock books or Warrant books so as to result in preventing or delaying the
exercise of any Warrant.

            SECTION 8.  LIMITATION OF LIABILITY.  No provisions hereof, in
the absence of affirmative action by the Warrantholder to purchase Warrant
Stock hereunder, shall give rise to any liability of the Warrantholder to
pay the Exercise Price or as a stockholder of the Company (whether such
liability is asserted by the Company or creditors of the Company).

            SECTION 9.  TRANSFER.  Subject to compliance with the
Securities Act and the applicable rules and regulations promulgated
thereunder, this Warrant and all rights hereunder shall be transferable in
whole or in part.  Any such transfer shall be made at the office or agency
of the Company at which this Warrant is exercisable, by the registered
holder hereof in person or by its duly authorized attorney, upon surrender
of this Warrant together with the assignment hereof properly endorsed, and
promptly thereafter a new warrant shall be issued and delivered by the
Company, registered in the name of the assignee.  Until registration of
transfer hereof on the books of the Company, the Company may treat the
Purchaser as the owner hereof for all purposes.

            SECTION 10.  INVESTMENT REPRESENTATIONS; RESTRICTIONS ON
TRANSFER OF WARRANT  STOCK.  Unless a current registration statement under
the Securities Act shall be in effect with respect to the Warrant Stock to
be issued upon exercise of this Warrant, the Warrantholder, by accepting
this Warrant, covenants and agrees that, at the time of exercise hereof,
and at the time of any proposed transfer of Warrant Stock acquired upon
exercise hereof, such Warrantholder will deliver to the Company a written
statement that the securities acquired by the Warrantholder upon exercise
hereof are for the account of the Warrantholder or are being held by the
Warrantholder as trustee, investment manager, investment advisor or as any
other fiduciary for the account of the beneficial owner or owners for
investment and are not acquired with a view to, or for sale in connection
with, any distribution thereof (or any portion thereof) and with no present
intention (at any such time) of offering and distributing such securities
(or any portion thereof).

            SECTION 11.  LOSS, DESTRUCTION OF WARRANT CERTIFICATES.  Upon
receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of any warrant and, in the case of any such loss,
theft or destruction, upon receipt of indemnity and/or security
satisfactory to the Company or, in the case of any such mutilation, upon
surrender and cancellation of such Warrant, the Company will make and
deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a
new Warrant of like tenor and representing the right to purchase the same
aggregate number of shares of Common Stock.

            SECTION 12.  AMENDMENTS.  The terms of this Warrant may be
amended, and the observance of any term herein may be waived, but only with
the written consent of the Company and the Warrantholder.

<PAGE>

            SECTION 13.  NOTICES GENERALLY.  Any notice, request, consent,
other communication or delivery pursuant to the provisions hereof shall be
in writing and shall be sent by one of the following means:  (i) by
registered or certified first class mail, postage prepaid, return receipt
requested; (ii) by facsimile transmission with confirmation of receipt;
(iii) by overnight courier service; or (iv) by personal delivery, and shall
be properly addressed to the Warrantholder at the last known address or
facsimile number appearing on the books of the Company, or, except as
herein otherwise expressly provided, to the Company at its principal
executive office at 500 Central Avenue, Northfield, Illinois 60093, Fax:
(847) 441-7652, or such other address or facsimile number as shall have
been furnished to the party giving or making such notice, demand or
delivery.

            SECTION 14.  PUT RIGHT.  Upon either (i) the occurrence and
continuance of an "event of default" under the Note and/or the Pledge
Agreement, or (ii) ten (10) calendar days after the maturity of the Note in
accordance with its terms, the Purchaser, at the Purchaser's sole option,
shall have the ability to put this Warrant to the Company for an amount
equal to five percent (5%) of the initial principal amount of the Note,
payable by the Company in immediately available funds.

            SECTION 15.  SUCCESSORS AND ASSIGNS.  This Warrant shall bind
and inure to the benefit of and be enforceable by the parties hereto and
their respective permitted successors and assigns.

            SECTION 16.  GOVERNING LAW.  In all respects, including all
matters of construction, validity and performance, this Warrant and the
obligations arising hereunder shall be governed by, and construed and
enforced in accordance with, the internal laws of the State of Illinois,
without regard to conflicts of law principles.

<PAGE>

      IN WITNESS WHEREOF, the Company has caused this Warrant to be signed
in its name by its duly authorized officer.

Dated:  May 15, 2000

                               ENTRADE INC.
                               a Pennsylvania corporation

                               By:
                                     ------------------------------
                                     Name:
                                     Its:

<PAGE>

                               SUBSCRIPTION FORM

                (to be executed only upon exercise of Warrant)

To:   Entrade Inc.
      500 Central Avenue
      Northfield, Illinois  60093

      [Choose one or both of the paragraphs, as applicable]

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. __ ), hereby irrevocably elects to purchase __________ shares
of the Common Stock covered by such Warrant and herewith makes payment of
$__________, representing the full purchase price for such shares at the
price per share provided for in such Warrant.

      The undersigned, pursuant to the provisions set forth in the attached
Warrant (No. __ ), hereby irrevocably elects to exercise the right of
conversion represented by the attached Warrant for ____ shares of Common
Stock, and as payment therefor hereby directs Entrade Inc. to withhold ____
shares of Common Stock that the undersigned would otherwise be entitled
thereunder.

Dated:                               Name:
      --------------------                 ------------------------------
                                     Signature
                                           ------------------------------
                                     Address:
                                           ------------------------------

                                           ------------------------------

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