edward.joseph.tho...@gmail.com

All,

Please be aware that I am not recommending a buy, sell or hold. I am
trying to open a forum to discuss the business model of online video.

The underlying fundamentals (i.e. with respect to profitability) of
this company are
by no means getting better. They actually appear to be deteriorating
(according to their 10-K).

My assessment above was really about building valuation models for web
2.0 companies (i.e. based on web metrics). GoFish and Bolt together
have the traffic to stir up a potential acquirer; however I do not see
how this company can remain solvent as a stand-alone company for the
long-term. They just have too much debt and are burning through too
much cash. Also keep in mind that this merger with Bolt has not even
happened yet and there is no guarantee that it will.

My point is if you think GoFish may make a for a good acquisition
target for someone looking to go into the online video space, then
sure why not (which is wishful thinking or speculation). On the other
hand, if you bought in thinking that it would be profitable as a
stand-
alone company based on its fundamentals then well...

I don't see how this company can be profitable in the near-term unless
something extraordinary happens (e.g. Youtube is shut-down and
advertisers flock to GoFish). I do however see it as a potential
strategic asset with a partner in the online ad space and with deep
pockets (e.g. Yahoo, Microsoft). A savvy acquirer can potentially
figure out a way to efficiently capitalize/monetize GoFish and Bolt's
traffic (something the current leadership at GoFish seem to have
trouble doing). Nonetheless, if it is eventually acquired, it may not
be until it is more distressed and/or insolvent...

Please keep in mind that I'm not an investment professional and am
simply giving my personal opinion.