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                                                                   EXHIBIT 10.32

                    THIS CONTRACT IS SUBJECT TO ARBITRATION
                  UNDER THE TEXAS GENERAL ARBITRATION STATUTE

                                POWER OF ATTORNEY
                           AND CONTINGENT FEE CONTRACT

         This agreement is made between Client (s), JAGNOTES.COM, INC., JAG
MEDIA HOLDINGS, INC., formerly known as JAGNOTES.COM, INC., a Nevada Corporation
doing business in the state of New York and the state of Florida (including its
current, former or successor directors in their official capacity for
Jagnotes.Com, Inc. and Jag Media Holdings, Inc., GARY VALINOTI, and any other
subsidiary, predecessor or successor in interest to JagNotes.Com, Inc., referred
to as "Client" whether one or more and the LAW FIRM OF O'QUINN, LAMINACK &
PIRTLE, hereinafter referred to as "Attorneys."

         In consideration of the mutual promises herein contained, the parties
hereto agree as follows:

                          I. PURPOSE OF REPRESENTATION

         1.01 The Client believes that it has legal claims and/or causes of
action to recover damages and compensation and/or shares of stock it issued or
that were issued on behalf of Clients pertaining to stock and related
transactions as well as other instruments of value against various brokerages
and market-makers trading clients' stock and other potential defendants that
attorneys choose to add as additional defendants as additional investigation and
discovery completed.

         Client hereby retains and employs Attorneys to sue for and recover all
damages and compensation and/or return of stock to which Client may be entitled
as a result of the legal claims and causes of action in question. The words "sue
for and recover" shall mean either a lawsuit filed by Attorneys on behalf of
client against the Defendants and/or a counterclaim filed by Attorneys on behalf
of Client in a lawsuit first begun by any of the Defendants against Client.

         1.02 It is specifically agreed and understood that Attorneys' duties
and obligations under this Contract are limited to the specific Client named
above and that Attorneys are not representing under this Contract or expected to
represent any other person or entity not named above as the Client. It is
further expressly agreed and understood that Attorneys' obligations are limited
to representing Client in the specific matters described in Paragraphs 1.01, and
1.03 and Client does not expect Attorneys to do anything else. Nonetheless,
Client expressly agrees that Attorneys can represent other persons or entities,
such as shareholders of Client, who are not named herein as a client in the same
lawsuit in which Attorneys are representing Client or in other lawsuits that are
similar to the lawsuit in which Attorneys are representing the Client.

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         1.03 As part of this Contract, Attorneys will represent Client with
respect to any "compulsory counterclaim" filed by any of the Defendants
described in Paragraph 1.01 if such compulsory counterclaim arises out of the
transaction or occurence that is the subject matter of Client's lawsuit aginst
that Defendant. Further, should a Defendant described in Paragraph 1.01 above
file a lawsuit against Client that arises out of the transaction or occurence
that is the basis of Client's legal claims and causes of action and if the
matters being asserted in that lawsuit would be a compulsory counterclaim if
they were asserted against the Client in a lawsuit filed on behalf of the
Client, then Attorneys will represent the Cllient under this Contract. On the
other hand, if a counterclaim or lawsuit is filed against the Client that is not
covered by any prior sentence of this paragraph, Attorneys are not required to
represent Client under this Contract in such a lawsuit or counterclaim. The same
would be true as to any cross-claim or third party action filed against an
officer or director of Client; Attorneys are not obligated to represent such
officer or director of Client by virtue of this Contract. It is further
expressly agreed that if any compulsory counterclaim or lawsuit is filed by
Defendant which Attorneys would handle as part of the work they are doing under
this Contract, it is within the purview of the duty to defend by any insurance
policy, then Client or the officer or director of Client in question would not
only immediately notify Attorneys but would also immediately notify the
insurance company that issued the insurance policy and Cllient agrees to use its
best efforts to have Attorneys hired by any officer, director or "in-house" type
counsel of Client who is sued to use his or her best efforts to accomplish the
same goal. It is important to Attorneys' efforts to represent Client that
Attorneys be in charge of the representation of Client and any of its officers
or directors who are sued regarding any of the matters that are subject matter
of Client's legal claims and causes of action in question so that there is a
common theme and strategy and overall conduct of the litigation. Furthermore, if
any lawsuit or counterclaim or cross-action is filed against Client or an
officer or director of Client by any Defendant described in Paragraph 1.01 that
is not a matter to be handled by Attorneys under this Contract as previously
decribed, it may or may not be important to Attorneys' efforts to represent
Client under this Contract. Client agrees to use its best efforts to have
O'Quinn, Laminack & Pirtle immediately informed of such legal action and a copy
of such legal action to be immediately delivered to Attorneys. Client further
agrees to use its best efforts to immediately notify any insurance company that
may have issued an insurance policy that may provide a duty to defend any such
legal action filed against an officer or director of Client. If Client and
Attorneys mutually agree that it is in the best interest of both of them for
Atorneys to handle on behalf of Client and/or officer or director of Client any
such legal action, then Client agrees to use its best efforts to cause said
insurance company to handle any such legal action and to use its best efforts to
have any officer or director of Client who is subjected to any such legal action
to use his or her best efforts to cause the insurance company to hire and use
Attorneys to represent them with regard to such legal action. If Client or
director or officer of Client wishes for Attorneys to represent it or said
officer or director of Client must execute a new, seperate Contract hiring
Attorneys pertaining to such representation. Client further agrees that any
Attorneys' fees paid by the insurance company to Attorneys regarding the matters
dicussed in this paragraph, such fees shall belong to Attorneys and will not be
used as a credit or reduction of the Attorneys' fees that Attorneys are entitled
to under this Contract.

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                               II. ATTORNEYS' FEES

         2. In consideration of the services rendered and to be rendered to
Client by Attorney, Client does hereby assign, grant and convey to Attorney the
following present undivided interests in all Client's legal claims and causes of
action in question for and as a reasonable fee for Attorney's services and said
contingent attorneys' fee will be figured on the total net recovery or
settlement:

         40%     of any settlement or net recovery (including the value of any
                 non-monetary recovery) made before or after the suit is filed
                 thereon; or of any settlement or recovery made after a notice
                 of appeal has been given or an appeal bond has been filed.

A net recovery is the amount remaining of the settlement or recovery after
deducting any charges or expenses of litigation incurred by Attorneys.

         2.02 Client agrees that Attorneys are to be repaid and reimbursed out
of Client's recovery for all Court costs and expenses of litigation Attorney has
paid and incurred. Client agrees that Attorney may borrow funds from a
commercial bank to finance or pay such Court costs and litigation expenses and
the reasonable interest charged by the bank on such borrowed funds will be added
to the Court costs and litigation expenses to be deducted from the settlement or
recovery. The attorney fees will be figured on the total recovery or settlement
after deducting the Court costs and litigation expenses reimbursed to Attorneys
("net recovery or settlement" as used above). If Attorneys do not obtain for
client a settlement or recovery, then the Client will not pay any fees or
expenses.

         The parties anticipate that this engagement will involve multiple
parties and defendants and perhaps multiple lawsuits. In the event that this
case is resolved at different times with different defendants for various dollar
amounts, Client and Attorneys agree that for the first three (3) defendants that
settle, no more than five percent (5%) of the gross settlement of each of the
first three settling parties will be deducted toward the reduction of the total
expenses incurred to date in determining the net recovery. After settlements
with the first three settling parties have made settlements, deduction of all
expenses remaining from the first settlements and any and all additional
expenses shall be done in accordance with the deduction of expenses for
determination of "Net Recoveries" as set forth in Paragraph 2.01. Client and
Attorneys agree that at any time upon reasonable notice Client may review
expenses incurred by Attorneys.

         2.03 The "Total Value of Any Recovery or Settlement" also includes the
value any business deal or transaction entered into by Client herein with one or
more Defendants and/or their successors heirs or assigns. If any such business
deal or transaction occurs, the parties shall mutually agree on the value of
such business deal or transaction to be used to calculate the fees to be paid
Attorneys and filling such an agreement, the value of such business deal or
transaction will be determined by arbitration pursuant to Paragraph X.

                                       3
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         2.04 In the event that Attorneys and Client cannot agree on the value
of any item or thing that Attorneys believe should be included in the Total
Recovery of Settlement, the value will be resolved by arbitration pursuant to
Paragraph X.

         2.05 If Client makes any agreement or takes any action which either
releases the claims of Client or the causes of action in question or prejudices
their value or prejudices Attorneys' rights or ability to prosecute them and to
earn the fees above described, then Attorneys shall have the option to withdraw
from this case without prejudice to Attorneys right to receive fees and expenses
to which Attorneys are entitled to pursuant to this Agreement. In the event of
such withdraw, Attorneys shall have the option of a) charging and being paid a
fee calculated pursuant to this Agreement based on the value of tany
tranascation between Client and any Defendant during the subsequent 8 years; or,
b) charging and being paid a fee calculated pursuant to this Agreement based on
a fair valuation of what Attorneys would probably have otherwise recovered for
Clients, such as valuation to be set by mutual agreement or, failing that, by
arbitration pursuant to Paragraph X.

         2.06 In consideration of the Attorneys' fee charged by Attorneys in
Paragraph 2.01 and agreed to be paid by the Client, Client has requested and
Attorneys have agreed to defend a compulsory counterclaim as defined in
Paragraph 1.03. It is further agreed that the Attorneys Fee as set forth in
Paragraph 3.01 shall not be offset, reduced nor affected by any credit, set off
or judgment against client as a result of a counterclaim or an action against
Client.

         2.07 If the Clients' case is tried and Attorneys' fees are awarded as a
result of such trial, the Attorneys have the option, to be exercised by
Attorneys in their sole judgment, to accept and be paid the Attorneys' fees
awarded versus fees awarded above.

                           III. ASSIGNMENT OF INTEREST

         3.01 In consideration of Attorneys' services, the Client hereby conveys
and assigns to Attorneys and agrees to pay to Attorneys an undivided interest in
and to all of Client's legal claims and causes of action to the extent of the
percentage set out in Paragraph 2.01.

         3.02 If there is any type of settlement whereby the client is to
receive or be paid future payments, then the settlement will be reduced to
present value, and the settlement will be arranged whereby there will be
sufficient cash at the time of the settlement to pay the attorney's fees which
will be figured on the present value of the total settlement including the
present value of future payments. Such discounting will be computed at the
market discount rate.

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         3.03 All sums due and to become due are payable at the office of
O'Quinn, Laminack & Pirtle in Harris County, Texas. Client hereby authorizes the
Attorneys to endorse and negotiate any check, draft or negotiable instrument on
behalf of the client, to deposit the same in Attorneys' trust account, and to
distribute such funds pursuant to the terms of this Agreement.

                      IV. APPROVAL NECESSARY FOR SETTLEMENT

         4.01 No settlement of any nature shall be made without Client's
approval, and Client agrees to make no settlement or offer of settlement without
the approval of the Attorneys.

         4.02 Attorneys are hereby granted a power of attorney so that they may
have full authority to prepare, sign and file all legal instruments, pleadings,
drafts, authorizations, and papers as shall be reasonably necessary to conclude
this representation including settlement and/or reducing to possession any and
all monies or other things of value due to the Client under his claim as fully
as the Client could so do in person. Attorneys are also authorized and empowered
to act as Client's negotiator in any and all settlement negotiations concerning
the subject of this Agreement.

                               V. REPRESENTATIONS

         5. It is understood and agreed that Attorneys cannot warrant or
guarantee the outcome of the case and Attorneys have not represented to the
Client that the Client will recover all or any of the funds so desired. Client
realizes that Attorneys will be investigating the law and facts applicable to
his claim on a continuing basis and should Attorneys learn something which in
the opinion of Attorneys makes it impractical for Attorneys to proceed with the
handling of Client's claim, then Attorneys may withdraw from further
representation of Client by sending written notice to Client's last known
address.

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                            VI. COOPERATION OF CLIENT

         6.01 Client agrees to cooperate with Attorneys at all times and too
comply with all reasonable requests of Attorneys. Client further agrees to keep
Attorneys advised of his/her whereabouts at all times, and to provide Attorneys
with any change of address, phone number or business affiliation.

         6.02 Attorneys may, at their option, withdraw from the case and cease
to represent the Client should Client fails to comply with any portion of this
Agreement or should Attorneys or either of them decide that he or she cannot
continue to be involved in this case. Such withdraw will be effective by mailing
written notice to Client's last known address. Such withdraw on the part of
Attorneys shall be consistent with the rules governing the attorney/client
relationship promulgated by the State Bar of Texas.

                       VII. ASSOCIATION OF OTHER ATTORNEYS

         7. Attorneys may, at their own expense, use or associate other
attorneys in the representation of the aforesaid claims of the Client. O'Quinn,
Laminack & Pirtle is a limited liability partnership with a number of attorneys.
Various of those attorneys may work on Client's case. The attorney in charge
will be the attorney who signs at the end of this Agreement unless such is
changed in writing. Client agrees that John M. O'Quinn, Richard N. Laminack &
Thomas W. Pirtle are not personally representing Client by virtue of this
contract.

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                            VIII. TEXAS LAW TO APPLY

         8.01 This Agreement shall be construed under and in accordance with the
laws of the State of Texas, and the rights, duties and obligations of Client and
of Attorneys regarding Attorneys' representation of Client and regarding
anything covered by this Agreement shall be governed by the laws of the State of
Texas. Any suit between Client and Attorneys or either of them regarding
Attorneys' representation of Client or regarding anything covered by this
agreement will be filed in a Court of competent jurisdiction in Harris County,
Texas.

                                 IX. ARBITRATION

         9.01 Any and all disputes, controversies, claims or demands arising out
of or relating to this Agreement or any provision hereof, the providing of
services by Attorneys to Client, or in any way relating to the relationship
between Attorneys and Client, whether in contract, tort or otherwise, at law or
in equity, for damages or any other relief, shall be resolved by binding
arbitration pursuant to the Federal Arbitration Act in accordance with the
Commercial Arbitration Rules then in effect with the American Arbitration
Association. Any such arbitration proceeding shall be conducted in Harris
County, Texas. This arbitration provision shall be enforceable in either federal
or state court in Harris County, Texas pursuant to the substantive federal laws
established by the Federal Arbitration Act. Any party to any award rendered in
such arbitration proceeding may seek a judgment upon the award and that judgment
may be entered by any federal or state court in Harris County, Texas having
jurisdiction.

                            X. BANKRUPTCY PROVISIONS

                                XI. PARTIES BOUND

         11. This Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective heirs, executors, administrators, legal
representative, successors and assigns.

                             XII. LEGAL CONSTRUCTION

         12. In case any one or more of the provisions contained in this
Agreement shall for any reason be held to be invalid, illegal, or unenforceable
in any respect, such invalidity, illegality, or unenforceability shall not
affect any other provisions thereof and this Agreement shall be construed as if
such invalid, illegal, or unenforceable provision had never been contained
herein.

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                        XIII. PRIOR AGREEMENTS SUPERSEDED

         13. This Agreement constitutes the sole and only Agreement of the
parties hereto and supersedes any prior understandings or written or oral
agreement between the parties respecting the within subject matter.

         I certify and acknowledge that I have had the opportunity to read this
Agreement. I further state that I have voluntarily entered into this Agreement
fully aware of its terms and conditions.

         Signed and accepted this 14th day of June, 2002.

         JAGNOTES.COM, INC.                          O'QUINN, LAMINACK & PIRTLE

         By /s/ Gary Valinoti                        By /s/ Illegible
            -----------------                           -------------
            Gary Valinoti<PAGE>

                                                                   EXHIBIT 10.39

                             SUBSCRIPTION AGREEMENT

September 25, 2003

JAG Media Holdings, Inc.
6865 S.W. 18th Street, Suite B13
Boca Raton, FL 33433
Attention:  Board of Directors

Dear Sirs:

         1. The undersigned (the "Purchaser") hereby offers to subscribe to (a)
35,000 shares (the "Class A Shares") of Class A common stock, par value $0.00001
per share, of JAG Media Holdings, Inc., a Nevada corporation (the "Company") and
(b) 1,500 shares (the "Series 3 Shares") of Series 3 Class B common stock, par
value $0.00001 per share (collectively, the "Shares"), and pay therefore a total
consideration of $50,000.00. It is understood that the Company will deliver to
the Purchaser certificates for the Shares against payment to the Company of the
purchase price thereof. The rights and preferences of the Series 3 Shares are
set forth in the Certificate of Designation attached hereto as Exhibit A.

         2. The Purchaser hereby represents and warrants to the Company that it
is acquiring the Shares solely for its own account for investment, and not as a
nominee for any other party, and not with a view to the distribution thereof or
with any present intention of selling any thereof. The Purchaser acknowledges
that it has been informed by the Company that the Shares have not been
registered under the Securities Act of 1933, as amended (the "Securities Act"),
and that the Shares must be held indefinitely unless subsequently registered
under the Securities Act or an exemption from such registration is available.
The Purchaser also acknowledges that it is fully aware of the restrictions on
disposing of the Shares resulting from the provisions of the Securities Act and
the General Rules and Regulations of the Securities and Exchange Commission
thereunder (including, without limitation, Rule 144). The Purchaser hereby
confirms and acknowledges that it will not offer, sell or otherwise dispose of
any of the Shares except under circumstances that will not result in a violation
of the Securities Act or any applicable state securities laws. Further, the
Purchaser acknowledges (i) that the purchase of the Shares is a long term
investment and (ii) that the Purchaser must bear the economic risk of the
investment for an indefinite period of time because the Shares have not been
registered under the Securities Act or any state securities laws and that the
Purchaser's financial condition is such that it is not likely that it will be
necessary to dispose of any of the Shares in the foreseeable future.

         3. (a) Each certificate representing Shares shall be endorsed with the
following legend:

<PAGE>

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR STATE SECURITIES LAWS,
AND NO TRANSFER OF THESE SECURITIES MAY BE MADE EXCEPT (A) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR (B) PURSUANT TO AN EXEMPTION
THEREFROM WITH RESPECT TO WHICH THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL
FOR THE HOLDER THAT SUCH TRANSFER IS EXEMPT FROM THE REQUIREMENTS OF THE ACT.

            (b) Each certificate representing Series 3 Shares shall also be
endorsed with the following legend:

THE MANDATORY REDEMPTION PROVISIONS, DIVIDEND RIGHTS, VOTING POWERS,
PREFERENCES, LIMITATIONS, RESTRICTIONS AND OTHER RIGHTS OF THE SERIES 3 CLASS B
COMMON STOCK OF THE CORPORATION ARE SET FORTH IN FULL IN THE CERTIFICATE OF
DESIGNATION OF THE SERIES 3 CLASS B COMMON STOCK OF THE CORPORATION, WHICH IS ON
FILE WITH THE SECRETARY OF STATE OF THE STATE OF NEVADA AND AVAILABLE FREE OF
CHARGE FROM THE SECRETARY OF THE CORPORATION UPON THE REQUEST OF ANY STOCKHOLDER
OF THE CORPORATION.

         4. The Purchaser has such experience and knowledge in financial and
business matters to be capable of evaluating the merits and risks of the
investment contemplated hereby and has reviewed the merits of such investment
with tax and legal counsel and other advisors to the extent deemed advisable.
The Purchaser has been given the opportunity to ask questions of, and receive
answers from, JAG Media Holdings, Inc. concerning the investment and to obtain
any additional information the Purchaser deemed necessary. The Purchaser is an
"accredited investor" as defined in Rule 501 under the Securities Act.

         5. The Purchaser represents that it has not dealt with any finders,
placement agents or brokers of any kind in connection with this matter.

         6. (a) Whenever the Company proposes to register any of shares of its
Class A Common Stock, par value $0.00001 per share ("Class A Common Stock"),
under the Securities Act (whether for the Company's own account or for the
account of any other person) other than in connection with a registration
relating either to the sale of securities to participants in a Company stock
option, stock purchase or similar benefit plan or pursuant to a Rule 145
transaction, including, without limitation, on Form S-4 or Form S-8, and the
registration form to be used may be used for the registration of the Class A
Shares being issued to the Purchaser hereunder (a "Piggyback Registration"), the
Company shall give prompt, written notice to the Purchaser of its intention to
effect such a registration, and such notice shall offer the Purchaser the
opportunity to register on the same terms and conditions such number of Class A
Shares of the Purchaser as Purchaser may request. The Company shall include in
such registration all Class A Shares with respect to which the Company has
received a written request for inclusion therein by the Purchaser within ten
(10) days after their receipt of the Company's notice. Such requests for
inclusion shall specify the number of Class A Shares intended to be disposed of
and the intended method of distribution thereof.

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            (b) If a Piggyback Registration is an underwritten, primary
registration on behalf of the Company, and the managing underwriters advise the
Company in writing that, in their opinion, the number of securities requested to
be included in such registration are such that the success of the offering would
be materially and adversely affected, the Company shall include any securities
the Company is so advised can be sold in such Piggyback Registration in the
following order: (a) first, the shares of Class A Common Stock which the Company
proposes to sell; (b) second, the Class A Shares requested to be included in
such registration by the Purchaser, provided, that if the managing underwriters
determine in good faith that a lower number of Class A Shares should be included
than those requested to be included pursuant to (b), then the Company shall be
required to include in such registration only that lower number of Class A
Shares; and (c) third, any other shares of Class A Common Stock proposed to be
included in such registration.

            (c) If a Piggyback Registration is an underwritten, secondary
registration on behalf of holders of shares of Class A Common Stock, and the
managing underwriters advise the Company in writing that, in their opinion, the
number of securities requested to be included in such registration exceeds the
number which the Company is advised can be sold in such offering, the Company
shall include in such registration all the shares of Class A Common Stock which
such holders proposed to sell and all the Class A Shares requested to be
included in such registration by the Purchaser; provided, that if the managing
underwriters determine in good faith that a lower number of shares should be
included than those requested to be included, then the Company shall be required
to include in such registration only that lower number of shares.

         7. The Company will enter appropriate stop-transfer orders on any
register or records maintained by or on behalf of the Company with respect to
the Shares to insure that the Shares are not transferred except in accordance
with this letter.

         8. The Purchaser is a limited partnership organized under the laws of
the State of Delaware.

         9. The Company makes no representations or warranties whatsoever,
whether express or implied, hereunder.

Very truly yours,

KUEKENHOF EQUITY FUND L.P.

By: /s/ Michael James
    -----------------
    Name:  Michael James
    Title: Managing Partner
    Date:  10/03/03

Address:
           22 Church Street, Suite 5
           Ramsey, NJ  07446

<PAGE>

ACCEPTED:
JAG MEDIA HOLDINGS, INC.

By: /s/ Gary Valinoti
    -----------------
    Name:  Gary Valinoti
    Title: President & CEO
    Date:  10/10/03

<PAGE>

                                                                       Exhibit A

                           CERTIFICATE OF DESIGNATION
                                     OF THE
                          SERIES 3 CLASS B COMMON STOCK
                         ($0.00001 PAR VALUE PER SHARE)
                                       OF
                            JAG MEDIA HOLDINGS, INC.

         The undersigned, the duly elected and acting president of JAG Media
Holdings, Inc., a Nevada corporation (the "Corporation"), pursuant to Nevada
Revised Statutes 78.1955, does hereby certify that the Board of Directors of the
Corporation adopted the following resolution pursuant to the authority of
Section 78.195 of the Nevada Revised Statutes and Article FOURTH of the
Corporation's Articles of Incorporation, as amended:

         RESOLVED, that the Corporation's Class B common stock shall consist of
three series: Series 1 Class B common stock, the terms and conditions of which
are set forth in the Articles of Incorporation of the Corporation, as amended
(the "Articles"), Series 2 Class B common stock, the terms and conditions of
which are set forth in the Certificate of Designation of the Series 2 Class B
Common Stock filed with the Secretary of State of the State of Nevada on April
11, 2003 and Series 3 Class B common stock, par value $0.00001 per share, whose
terms and conditions are set forth below:

Series 3 Class B common stock

         (a) Designation and Amount. The shares of such series shall be
designated as "Series 3 Class B common stock" and the initial number of shares
constituting such series shall be Forty Thousand (40,000).

         (b) No Voting Rights. Except as required by law, holders of shares of
Series 3 Class B common stock shall not be entitled or permitted to vote on any
matter required or permitted to be voted upon by the stockholders of the
Corporation.

         (c) Distribution of Assets. Upon the dissolution, liquidation or
winding up of the Corporation, subject to the rights, if any, of the holders of
any of the Corporation's securities other than common stock, the holders of the
Series 3 Class B common stock, Series 2 Class B common stock Series 1 Class B
common stock and Class A common stock will be entitled to receive all the assets
of the Corporation available for distribution to its stockholders ratably in
proportion to the number of shares held by them.

         (d) Dividends. Holders of Series 3 Class B common stock, Series 2 Class
B common stock and Class A common stock shall be entitled to receive, on an
equal basis, such dividends, payable in cash or otherwise, as may be declared
thereon by the Board of Directors from time to time out of the assets or funds
of the Corporation legally available therefor.

<PAGE>

         (e) Mandatory Redemption. (1) No redemption of the Series 3 Class B
common stock shall be authorized or made except as provided herein. Each share
of the Series 3 Class B common stock must be redeemed by the Corporation, to the
fullest extent permitted by law, within six (6) months (or as soon thereafter as
permitted by law) following final resolution of the Corporation's lawsuit
against certain brokerage firms (JAG Media Holdings, Inc. v. A.G. Edwards & Sons
et al) which is, as of the date of this resolution, pending in U.S. District
Court for the Southern District of Texas or any successor or other lawsuit
relating to the subject matter thereof in which the Corporation (or any
successor-in-interest) is named as a plaintiff (the "Lawsuit"), which date shall
be determined by the Board of Directors (the "Redemption Date"). The Redemption
Price for each share of the Series 3 Class B common stock shall be equal to the
greater of (i) par value or (ii) .0025% of ten percent of the net proceeds to
the Corporation of the Lawsuit after payment of fees and expenses incurred in
connection with such lawsuit and all taxes on net income accrued or paid with
respect to such amount, which amount shall be rounded to the nearest whole cent.
Notice of the redemption by the Corporation of the outstanding shares of Series
3 Class B common stock (the "Redemption Notice") shall be given by first class
mail, postage prepaid, mailed not less than 30 days prior to the Redemption
Date, to each holder of record of the shares to be redeemed, at such holder's
address as the same appears on the stock register of the Corporation; provided,
however, that no failure to give such notice, nor any deficiency therein, shall
affect the validity of the procedure for the redemption of any shares of Series
3 Class B common stock to be redeemed except as to the holder or holders to whom
the Company has failed to give such notice or whose notice was defective. The
Redemption Notice shall state:

                (A) the Redemption Price;

                (B) the Redemption Date;

                (C) that the holder is to surrender to the Corporation, at the
         place or places, which shall be designated in such redemption notice,
         its certificates representing the shares of Series 3 Class B common
         stock to be redeemed;

                (D) that dividends on the shares of the Series 3 Class B common
         stock to be redeemed shall cease to accumulate on the day prior to the
         Redemption Date unless the Corporation defaults in the payment of the
         Redemption Price; and

                (E) the name of any bank or trust company performing the duties
         referred to in subsection (e)(5) below.

         (2) On or before the Redemption Date, each holder of Series 3 Class B
common stock to be redeemed shall surrender the certificate or certificates
representing such shares of Series 3 Class B common stock to the Company, in the
manner and at the place designated in the Redemption Notice, and on the
Redemption Date the Redemption Price for such shares shall be payable to the
holder thereof whose name appears on such certificate or certificates and who
appears on the stock transfer records of the Corporation as the owner thereof,
and the shares represented by each surrendered certificate shall be returned to
authorized but unissued shares.

         (3) Unless the Company defaults in the payment in full of the
Redemption Price, dividends on the Series 3 Class B common stock called for
redemption shall cease to accumulate on the day prior to the Redemption Date,
and the holders of such shares shall cease to have any further rights with
respect thereto on the Redemption Date, other than the right to receive the
Redemption Price, without interest.

<PAGE>

         (4) If a Redemption Notice shall have been duly given, and if, on or
before the Redemption Date specified therein, all funds necessary for such
redemption shall have been set aside by the Corporation, separate and apart from
its other funds, in trust for the pro rata benefit of the holders of the Series
3 Class B common stock called for redemption so as to be and continue to be
available therefor, then, notwithstanding that any certificate for shares so
called for redemption shall not have been surrendered for cancellation, all
shares so called for redemption shall no longer be deemed outstanding, and all
rights with respect to such shares shall forthwith on such Redemption Date cease
and terminate, except only the right of the holders thereof to receive the
amount payable on redemption thereof, without interest.

         (5) If a Redemption Notice shall have been duly given or if the
Corporation shall have given to the bank or trust company hereinafter referred
to irrevocable authorization promptly to give such notice, and if on or before
the Redemption Date specified therein the funds necessary for such redemption
shall have been deposited by the Corporation with such bank or trust company in
trust for the pro rata benefit of the holders of the Series 3 Class B common
stock called for redemption, then, notwithstanding that any certificate for
shares so called for redemption shall not have been surrendered for
cancellation, from and after the time of such deposit, all shares so called, or
to be so called pursuant to such irrevocable authorization, for redemption shall
no longer be deemed to be outstanding and all rights with respect to such shares
shall forthwith cease and terminate, except only the right of the holders
thereof to receive from such bank or trust company at any time after the time of
such deposit the funds so deposited, without interest. The aforesaid bank or
trust company shall be organized and in good standing under the laws of the
United States of America or of any state thereof. Any interest accrued on such
funds shall be paid to the Corporation from time to time. Any funds so set aside
or deposited, as the case may be, and unclaimed at the end of three years from
such Redemption Date shall, to the extent permitted by law, be released or
repaid to the Corporation, after which repayment the holders of the shares so
called for redemption shall look only to the Corporation for payment thereof.

         (6) All interpretations of the redemption provisions contained in this
Section (e) and all determinations required to be made in connection with the
Redemption Date and the Redemption Price, including, without limitation, the
determination of which successor or related actions or proceedings may
constitute a Lawsuit (as defined herein), shall be within the discretion of the
Board of Directors and any such determination by the Board of Directors shall be
final and conclusive, and actions by the Corporation in respect of this Section
(e) shall be taken at the direction of the Board of Directors. The Board of
Directors may, but need not, appoint such agents, attorneys-in-fact and trustees
as and with such revocable and irrevocable powers as it deems appropriate in its
sole discretion to carry out the redemption provided for herein.

         (f) No Reissuance of Series 3 Class B common stock. None of the shares
of Series 3 Class B common stock acquired by the Corporation by reason of
redemption, purchase, or otherwise shall be reissued.

<PAGE>

         (g) Business Day. If any payment or redemption shall be required by the
terms hereof to be made on a day that is not a Business Day, such payment or
redemption shall be made on the immediately succeeding Business Day. For the
purposes of this Resolution, Business Day shall mean any day other than a
Saturday, Sunday, national or relevant state holiday or any other day on which
commercial banks in New York City are authorized or required by law to be
closed.

         (h) Share Certificates. Share certificates shall be issued to represent
the Series 3 Class B common stock which will specify the number of shares
represented by such certificate and the name of the beneficial owner of such
shares. Shares of Series 3 Class B common stock may be transferred only on the
books of the Corporation in person or by duly authorized attorney upon surrender
of said certificate properly endorsed and specifying the new beneficial owner.

         (i) Legend. The Series 3 Class B common stock will bear a legend to the
following effect:

THE MANDATORY REDEMPTION PROVISIONS, DIVIDEND RIGHTS, VOTING POWERS,
PREFERENCES, LIMITATIONS, RESTRICTIONS AND OTHER RIGHTS OF THE SERIES 3 CLASS B
COMMON STOCK OF THE CORPORATION ARE SET FORTH IN FULL IN THE CERTIFICATE OF
DESIGNATION OF THE SERIES 3 CLASS B COMMON STOCK OF THE CORPORATION, WHICH IS ON
FILE WITH THE SECRETARY OF STATE OF THE STATE OF NEVADA AND AVAILABLE FREE OF
CHARGE FROM THE SECRETARY OF THE CORPORATION UPON THE REQUEST OF ANY STOCKHOLDER
OF THE CORPORATION.

         The foregoing resolution has been duly adopted by the Board of
Directors in accordance with the provisions of Section 78.195 of the Revised
Statutes of the State of Nevada and the Article FOURTH of the Corporation's
Articles.

         IN WITNESS WHEREOF, I have signed this Certificate of Designation as of
this 20th day of June, 2003.

                                          /s/ Gary Valinoti
                                          -------------------------------------
                                          Gary Valinoti
                                          President and Chief Executive Officer

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