Between him, his NetTune associates, friends, and relatives Gustav hoped to get $2 million cash. This, plus the stock appreciation rights he had in Colossus, plus the severance payments he planned to negotiate for his team, would bring the management’s contribution to the acquisition price to only $3 million, of which he would contribute $1.5 million for half the management’s stake. Moreover, the $12 million shortfall was just one of Gustav’s problems. He needed an additional $42 million to develop and operate the e-commerce site through December 31, 2004 (order handling, billing and tracking, payroll, legal fees, lease charges, capital investments, working capital, advertising, and R&D). He estimated that with $3 million he would have the site operational by March 2004 and funded through June 2004. The final upgrade of the system, additional equipment, and a full-blown advertising campaign would come during the second half of the year and would require $42 − $3 =

$39 million.