13D Filing: Clinton Group and Glassbridge Enterprises Inc. (NYSE:GLA)

The Clinton Reporting Persons used
approximately $4,680,000 (excluding brokerage commissions) in the aggregate to purchase 244,894 of the Common Stock reported
by the Clinton Reporting Persons in this Schedule 13D.  The source of the funds used to acquire such shares of Common
Stock is the working capital of the Funds, and margin borrowings described in the
following sentence. Such shares of Common Stock are held by the Funds in commingled margin accounts, which may extend
margin credit to the Funds from time to time, subject to applicable federal margin regulations, stock exchange rules
and credit policies. In such instances, the positions held in the margin account are pledged as collateral security
for the repayment of debit balances in the account. The margin accounts bear interest at a rate based upon the
broker’s call rate from time to time in effect. Because other securities are held in the margin accounts, it is not
possible to determine the amounts, if any, of margin used to purchase the Common Stock reported herein held by the
Funds.

In addition, as consideration for the capacity and services
CGI has agreed to provide under the Capacity and Services Agreement the Company issued the 1,250,000 Initial Capacity Shares (as
adjusted for the Reverse Stock Split) to MACH on the Initial Closing Date.

The Issuer issued 2,688 shares Common Stock (as adjusted for
the Reverse Stock Split) to Mr. De Perio as compensation for services rendered to the Issuer as a member of the
Issuer’s board of directors. Mr. De Perio used approximately $276,000
(excluding brokerage commissions) in the aggregate to purchase the
remainder 32,574 shares Common Stock reported by Mr. De Perio in this Schedule 13D. The
source of funds used to acquire such shares Common Stock is personal funds.