Document:

Gallo & Associates
                                ATTORNEYS AT LAW
                      5757 W. CENTURY BLVD., SEVENTH FLOOR
                          LOS ANGELES, CALIFORNIA 90045
                    TELEPHONE: 310-338-1114 FAX 310-338-1199
                              Raygallo@sys.yale.edu

                                         Friday, September 01, 2000

BY FAX TO 310-456-8558

Bernard J. Luskin
c/o Paul J. Wright, Esq.
24955 Pacific Coast Highway, Suite C302
Malibu, California 90265

Re: Luskin v. CB Com, etal, release and receipt

Dear Mr. Luskin:

     As we have had so many  different  settlements  in this case, and as we are
now on the very brink of an absolutely  final one, I write to provide  assurance
that we now have a  common  understanding,  to  confirm  it,  and to  provide  a
sign-off  document  such  that the final  transfer  of shares to you may have an
associated receipt.

     This confirms that you have received the 190,000 shares of  AmTec/Terramark
that  constitute CB Com's final payment,  and that you and all those claiming by
or through you are  accepting  those shares in full and final  settlement of all
claims of any kind or nature  whatsoever  against CB Com,  Inc.,  its  officers,
directors, shareholders,  employees, agents, contractors, affiliates, attorneys,
etc., that you release all claims to the contents of the U.S. Trust Escrow,  and
that you have  transferred all your shares and options in CB Com back to CB Com.
You  understand  that this fully and forever  resolves the subject matter of the
lawsuit you filed  against CB Com, and the  allegations  and  defenses  asserted
against you in response. You understand that you have release and hereby release
all the parties you named in that  lawsuit of all the wrongs you  asserted,  and
any other related claims. This release and receipt does not supersede the recent
settlement documents, but confirms their intention as a final settlement of this
dispute.

     Please have your attorney,  Mr. Wright,  countersign below to indicated his
approval of the form and content of this release and receipt.

                                             Best personal regards,
                                             /s/ Ray E. Gallo
                                             Ray E. Gallo

         /s/Bernard J. Luskin                    /s/Charles A. Lesser
         -------------------------               -------------------------
         Bernard Luskin                          Charles Lesser for CB Com, Inc.

         /s/Paul J. Wright
         ------------------------
         Paul J. Wright (as to form and content)

         REG:jjc
                                       3
<PAGE>
                                                                            P.02
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 1|                        DECLARATION OF BERNARD LUSKIN                       |
  |                        -----------------------------                       |
 2|              I, BERANRD LUSKIN, DECLARE:                                   |
  |                                                                            |
 3|        1. The facts set forth below are known by me to be true and         |
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 4| if called as a witness I could, and would, testify competently             |
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 5| thereto.                                                                   |
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 6|         2. I do not have any stock certificates reflecting any             |
  |                                                                            |
 7| options or shares held in CB Com, Inc.  This was supposed to be            |
  |                                                                            |
 8| issued to me.  It was not.  As soon as I receive the unledgened            |
  |                                                                            |
 9| Amtec/Terremark stock certificates, I will release all right,              |
  |                                                                            |
10| title and interest in and to any CB Com, Inc. stock or options.            |
  |                                                                            |
11| Any right, title or interest I may hae in any CB Com, Inc. stock           |
  |                                                                            |
12| or options are hereby quitclaimed, transferred and assigned to CB          |
  |                                                                            |
13| Com, Inc. on receipt of the 190,000 shares of unledgened                   |
  |                                                                            |
14| Amtec/Terremaark stock.                                                    |
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15|           I declare under penalty of perjury under the laws of the         |
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16| State of California that the foregoing is true and correct and             |
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17| that this Declaration was executed on August 9, 2000.                      |
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18|                                                                            |
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19|                                   /s/Bernard Luskin                        |
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20|                                   BERNARD LUSKIN                           |
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21|                                                                            |
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25|                                                                            |
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27|                                                                            |
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28|----------------------------------------------------------------------------|
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                                       4<PAGE>

                                                                    EXHIBIT 10.1

                              EXCHANGE AGREEMENT

     THIS EXCHANGE AGREEMENT (the "Agreement") dated as of September 27, 2000 is
by and between LIBERTY MEDIA CORPORATION, a Delaware corporation ("Liberty"),
and LIBERTY DIGITAL, INC., a Delaware corporation ("LDIG").

     WHEREAS, Liberty owns 150,000 shares (the "Liberty Shares") of LDIG's
Convertible Preferred Stock, Series B, par value $.01 per share (the "LDIG
Series B");

     WHEREAS, the Liberty Shares constitute all of the issued and outstanding
shares of the LDIG Series B; and

     WHEREAS, Liberty and LDIG desire to effect an exchange of the Liberty
Shares for new shares of LDIG preferred stock, subject to the terms and
conditions of this Agreement.

     NOW THEREFORE, in consideration of the foregoing and of the mutual
conditions and obligations set forth herein, the parties agree as follows:

     1.  Series C Preferred Stock. LDIG will cause to be filed in accordance
         ------------------------
with its Restated Certificate of Incorporation as in effect as of the date
hereof (the "LDIG Certificate") and the Delaware General Corporation Law (the
"DGCL") a Certificate of Designations in the form of Exhibit A hereto for a new
series of LDIG's Series Preferred Stock (as defined in the LDIG Certificate)
designated "Convertible Preferred Stock, Series C," par value $.01 per share
(the "Series C Preferred Stock") with the Office of the Secretary of State of
the State of Delaware on or before September 29, 2000.

     2.  Series D Preferred Stock. LDIG will cause to be filed in accordance
         ------------------------
with the LDIG Certificate and the DGCL a Certificate of Designations in the form
of Exhibit B hereto for a new series of LDIG's Series Preferred Stock designated
"Preferred Stock, Series D," par value $.01 per share (the "Series D Preferred
Stock") with the Office of the Secretary of State of the State of Delaware on or
before September 29, 2000.

     3.  Exchange.  On September 30, 2000, LDIG and Liberty will exchange the
         --------
Liberty Shares for shares of Series C Preferred Stock and Series D Preferred
Stock as follows:

         (a)  LDIG shall deliver to Liberty a certificate evidencing the
     issuance of 150,000 shares of Series C Preferred Stock and a certificate
     evidencing the issuance of 8,105.688 shares of Series D Preferred Stock,
     each such certificate to be registered in the name of Liberty DMX, Inc.

         (b)  Liberty shall deliver to LDIG the Liberty Shares, such transfer to
     be effected by the delivery of one or more certificates evidencing the
     Liberty Shares, duly endorsed for transfer to LDIG or accompanied by duly
     executed stock assignments.

                                      -1-
<PAGE>

          (c)  The foregoing issuance and transfer shall be effected
     simultaneously and be conditioned upon each other.

     4.   Dividends on Liberty Shares.  All accrued and unpaid dividends on the
          ---------------------------
Liberty  Shares for the period beginning on September 9, 1999 and ending on
September 30, 2000 shall be paid by the delivery of the Series D Preferred
Stock.

     5.   LDIG Representations.  To induce Liberty to enter into this
          --------------------
Agreement and to effect the plan of reorganization and all related transactions
contemplated hereby, LDIG hereby represents and warrants as follows, all of
which representations and warranties shall survive the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby:

          (a)  LDIG (i) is a duly organized and validly existing corporation, in
     good standing under the laws of Delaware; (ii) has the corporate power and
     authority to execute, deliver and perform the terms and provisions of this
     Agreement and to consummate the transactions contemplated hereby; (iii) has
     taken all necessary corporate action to authorize the execution, delivery
     and performance by it of this Agreement, the Certificates of Designations
     for the Series C Preferred Stock and Series D Preferred Stock and the
     issuance to Liberty of shares of Series C Preferred Stock and Series D
     Preferred Stock; and (iv) has duly executed and delivered this Agreement;

          (b)  This Agreement constitutes the legal, valid and binding
     obligation of LDIG enforceable against LDIG in accordance with its terms,
     except to the extent that the enforceability hereof may be limited by
     applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws generally affecting creditors' rights and by equitable principles
     (regardless of whether enforcement is sought in equity or at law);

          (c)  Neither the execution, delivery or performance by LDIG of this
     Agreement and the Certificates of Designations, nor compliance by LDIG with
     the terms and provisions hereof and thereof, nor the consummation of the
     transactions contemplated hereby (i) will violate any provision of LDIG's
     certificate of incorporation or bylaws; (ii) will require any consent or
     approval of any person; (iii) will contravene any provision of any laws
     applicable to LDIG; or (iv) will conflict with or result in any breach of
     or constitute a tortious interference with any of the terms, covenants,
     conditions or provisions of, or constitute a default under, or result in
     the creation or imposition of (or the obligation to create or impose) any
     lien upon any of the property or assets of LDIG pursuant to the terms of
     any contractual obligation to which LDIG is a party or by which it or any
     of its property or assets is bound or to which it may be subject, except in
     the case of clauses (ii), (iii) and (iv) above for any consent or approval
     the failure to obtain which would not, and any such contravention, conflict
     or result as would not, have a material adverse effect on LDIG and its
     consolidated subsidiaries taken as a whole or on the ability of LDIG to
     perform its obligations hereunder or under the Series C Preferred Stock and
     Series D Preferred Stock to be issued pursuant hereto; and

          (d)  When issued in accordance with this Agreement, all shares of
     Series C Preferred Stock and Series D Preferred Stock issued to Liberty
     will be duly authorized,

                                      -2-
<PAGE>

     validly issued, fully paid and non-assessable and will be owned by Liberty
     free and clear of any liens, security interests or other encumbrances
     except any thereof as may be granted or incurred by Liberty.

     6.   Liberty Representations.  In order to induce LDIG to enter into this
          -----------------------
Agreement and to effect the plan of reorganization and all related transactions
contemplated hereby, Liberty hereby represents and warrants as follows, all of
which representations and warranties shall survive the execution and delivery of
this Agreement and the consummation of the transactions contemplated hereby:

          (a)  Liberty (i) is a duly organized and validly existing corporation
     in good standing under the laws of Delaware; (ii) has the corporate power
     and authority to execute, deliver and perform the terms and provisions of
     this Agreement and to consummate the transactions contemplated hereby;
     (iii) has taken all necessary corporate action to authorize the execution,
     delivery and performance by it of this Agreement; and (iv) has duly
     executed and delivered this Agreement;

          (b)  This Agreement constitutes the legal, valid and binding
     obligation of Liberty enforceable against Liberty in accordance with its
     terms, except to the extent that the enforceability hereof may be limited
     by applicable bankruptcy, insolvency, reorganization, moratorium or similar
     laws generally affecting creditors' rights and by equitable principles
     (regardless of whether enforcement is sought in equity or at law);

          (c)  Neither the execution, delivery or performance by Liberty of this
     Agreement, nor compliance by Liberty with the terms and provisions hereof,
     nor the consummation of the transactions contemplated hereby (i) will
     violate any  provision of Liberty's certificate of incorporation or bylaws;
     (ii) will require any consent or approval of any person; (iii) will
     contravene any provision of any laws applicable to Liberty; or (iv) will
     conflict with or result in any breach of or constitute a tortious
     interference with any of the terms, covenants, conditions or provisions of,
     or constitute a default under, or result in the creation or imposition of
     (or the obligation to create or impose) any lien upon any of the property
     or assets of Liberty pursuant to the terms of any contractual obligation to
     which Liberty is a party or by which Liberty or any of its property or
     assets is bound or to which it may be subject, except in the case of
     clauses (ii), (iii) and (iv) above for any such consent or approval the
     failure to obtain which would not, and any such contravention, conflict or
     result as would not, have a material adverse effect on the ability of
     Liberty to perform its obligations hereunder; and

          (d)  When transferred to LDIG in accordance with this Agreement, all
     Liberty Shares will be owned by LDIG free and clear of any liens, security
     interests or other encumbrances except any thereof as may be granted or
     incurred by LDIG.

     7.   Miscellaneous.
          -------------

          (a)  Waiver. The failure of either party in any one or more instances
               ------
     to insist upon strict performance of any of the terms and provisions of
     this Agreement, or to exercise any option herein conferred shall not be
     construed as a waiver or relinquishment,

                                      -3-
<PAGE>

     to any extent, of the right to assert or rely upon any such terms,
     provisions or options on any future occasion.

          (b) Notices. Any notice given under this Agreement shall be sent to
              -------
     the parties as follows:

          If to Liberty:

          Liberty Media Corporation
          9197 South Peoria Street
          Englewood, CO  80112
          Attention: President
          (with a copy similarly addressed to the General Counsel)
          Facsimile: 720-875-5382

          If to LDIG:

          Liberty Digital, Inc.
          1100 Glendon Avenue, Suite 2000
          Los Angeles, California 90024
          Attention: President
          (with a copy similarly addressed to the Chief Financial Officer)
          Facsimile: 310-209-3606

Such notice shall either be personally delivered, or sent via facsimile or
certified mail.  Notice shall be deemed given when personally delivered or sent
by facsimile with receipt acknowledged, or five days after it is deposited in
the U.S. mail system, if sent certified mail, postage prepaid, return receipt
requested.  Either party may change its address for notice purposes hereunder by
giving written notice thereof to the other party in the manner specified herein;
provided, however, that such notice shall not be deemed given until actually
--------  -------
received.

          (c)  No Assignment. This Agreement may not be assigned by either party
               -------------
     without the prior written consent of the other.

          (d)  Governing Law. This Agreement shall be governed by the laws of
               -------------
     the State of Delaware without reference to conflict of laws principles
     thereof.

          (e)  Construction. The parties acknowledge and agree that they have
               ------------
     negotiated this Agreement by and between them and that each has had an
     adequate opportunity to review the terms hereof and that they have mutually
     agreed upon the language and contents of this Agreement. It is further
     agreed that this Agreement shall not be construed against either party by
     reason of the fact that such party prepared the written form of this
     Agreement.

                                      -4-
<PAGE>

          (f)  Attorneys' Fees. Each party shall bear all of its own costs and
               ---------------
     expenses in connection with this Agreement, provided, however, that in the
                                                 --------  -------
     event of any dispute hereunder, the prevailing party shall be entitled to
     an award of its attorneys' fees and costs relating thereto.

          (g)  Severability. If any of the provisions of this Agreement shall be
               ------------
     invalid or unenforceable, such invalidity or unenforceability shall not
     invalidate or render unenforceable the entire Agreement, but rather the
     entire Agreement shall be construed as if not containing the particular
     invalid or unenforceable provision or provisions, and the rights and
     obligations of the parties shall be construed and enforced accordingly, to
     effectuate the essential intent and purposes of this Agreement.

          (h)  Survival. Provisions of this Agreement, that by their sense and
               --------
     context are intended to survive performance by either or both parties
     (including, without limitation, paragraph 7(f)) shall survive the
     completion, expiration, termination, or cancellation of this Agreement.

          (i)  Entirety. Except as otherwise provided for herein, this Agreement
               --------
     constitutes the entire agreement between the parties hereto with reference
     to the subject matter hereof, and supersedes any prior agreement, oral or
     written, with respect thereto.

          (j)  Counterparts. This Agreement may be executed in multiple
               ------------
     counterparts, each of which shall be deemed an original, but all of which
     together shall constitute one and the same Agreement.

          (k)  Headings. The headings contained in this Agreement are inserted
               --------
     solely for purposes of reference and convenience and shall not affect the
     meaning or constructi on hereof.

     IN WITNESS WHEREOF, the parties have set their hands as of the date first
written above.

LIBERTY DIGITAL, INC.                        LIBERTY MEDIA CORPORATION

/s/ Mark D. Rozells                          /s/ Charles Y. Tanabe
----------------------------------           -------------------------
By:  Mark D. Rozells                         By:  Charles Y. Tanabe
Its: EVP & Chief Financial Officer           Its: Sr. Vice President

                                      -5-

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