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I got this e-mail this morning. Apparently, it no longer pays to learn.

IMPORTANT NOTICE OF IPTL CHANGES, EFFECTIVE JANUARY 1, 2003

The recapitalization of IPTL is not going to take place as anticipated.
IPTL must now therefore restructure in a major way in order to be
self-sustaining for the long haul without any additional capital infusion.
Such restructuring is necessary for many websites and Internet services
these days. Based on this reality and over 2 years of carefully studying
IPTL member usage and economic patterns, there will now of necessity be
several changes to IPTL which will go into effect on January 1, 2003. We
had hoped that other recent policy changes, together with recapitalization
funding, would allow us to proceed without major changes, but it is now
clear that we must restructure. IPTL will not be able to continue to exist
as a website without the changes listed below. These major changes are
being made to ensure that IPTL can survive and thrive for the benefit of
its members and owners. Please take the time to carefully read over this
entire notice so you will be clear on all of the dimensions of these
changes.

Here is a list of the significant changes that will go into effect on
January 1st:

1) Cash earned through IPTL will be called "IPTL Cash", and will be
usable ONLY through the IPTL site. Cash award payments in U.S. dollars
formerly deliverable will no longer be delivered to IPTL members. (Any
cash award payments anticipated to be delivered to IPTL members in
December will not be delivered either.)

2) The U.S. dollar cash balance which would normally appear in each IPTL
member's Knowledge Bank account on January 1st will be automatically
DOUBLED in amount and will be converted dollar for dollar into IPTL Cash.
This is a one-time-only cash-conversion event.

3) In addition to doubling the Knowledge Bank cash amount and converting
it to IPTL Cash on January 1st, members will also receive bonus IPTL Cash
for having current Gold Memberships, Gold Plus benefits and AADRs. A $10
IPTL Cash bonus will be credited for each month of Gold Membership still
remaining, starting with the month of January, 2003. $70 in bonus IPTL
Cash will be credited for each 10% of Gold Plus benefits held by each
member as of the end of the day on December 31st, and $15 in bonus IPTL
Cash will be awarded for each AADR purchased or awarded to each member as
of the end of the day on December 31st. All Gold Memberships, Gold Plus
benefits and AADRs will continue to operate as usual for each member who
has them.

4) Members will be able to spend their IPTL Cash for everything that is
available for sale on the IPTL site itself, including all items in the
IPTL Store. Those things that may be purchased using 100% IPTL Cash
include paid advertising on IPTL, paid messages on IPTL, Gold Memberships,
Gold Plus benefits, and AADRs (purchased guaranteed referrals). IPTL Cash
may be applied to the purchase of all items in the IPTL Store, including
shipping costs, from 20% up to 50% of the order total, depending on the
amount. Order minimums and the IPTL Cash deduction scale may need to be
adjusted for international orders, although the maximum deduction
percentage will still be 50%. Prices for all items sold through IPTL
remain the same. Shipping and handling charges will be adjusted for
international orders to more accurately reflect IPTL’s shipping costs. A
shipping and handling charge will be added to U.S. orders, but U.S.
shipping will also be significantly faster than before.

5) IPTL Cash will be able to be sold, traded or gifted to any other IPTL
member at any time. IPTL will provide a free and easy to use method on the
IPTL site in early January which will accommodate a transfer of IPTL Cash
from one IPTL account to another. All such IPTL Cash transfers between
IPTL accounts and any consideration granted by any IPTL member to another
IPTL member for same are strictly private interpersonal transactions
between IPTL members, with no involvement or liability of any kind on the
part of IPTL. All such IPTL Cash transfer transactions must be undertaken
at the sole risk of those involved, and IPTL takes no responsibility for
results or problems associated with any such private exchanges.

6) Cash Points will be instantly converted into IPTL Cash as they are
earned, and all IPTL Cash earned may be spent instantly as well. There
will no longer be any wait for cash conversion on the first day of the
following month. Instant conversion to IPTL Cash will even apply to "green
box" Cash Points, which have been "preview" Cash Points earned by
accepting offers, taking surveys and reading messages, and which required
a longer cash conversion time.

7) All current Gold Memberships and those that will be purchased in the
future will allow for UNLIMITED monthly quiz earnings, and will no longer
be restricted to a maximum of 50,000 monthly quiz Cash Points.

8) The required minimum of 90 seconds between the start and end of a quiz
will be reduced so that only 60 seconds must elapse before a quiz is
banked.

In closing we would like to say several things to you, our members.

We completely understand that for some of you, perhaps even for many of
you, the above changes will not be at all well-received. After all, we
know that being paid U.S. cash dollars which can be spent anywhere would
naturally be preferred by anyone as compared with earning IPTL Cash which
may only be spent on the IPTL site. We also know and understand that many
of you joined IPTL and have stayed faithfully with IPTL precisely because
of the prospect of earning U.S. cash dollars which would be delivered to
you monthly to use as you please. That form of delivered cash award was
the original vision for the IPTL site. We wish we could have stayed with
the same basic plan with which we began developing IPTL over 3 years ago,
but it simply cannot be the case any longer. The economics of the Internet
have changed too much over time to allow IPTL to continue to be a
cash-delivery site.

We have always stated clearly and openly in our membership agreement terms
that IPTL does not have any liability to deliver cash awards to its
members, and that IPTL reserves the right to change its policies and
procedures in any way and at any time that it sees fit, for any reason. We
have made some lesser policy and procedural changes in the past as needed,
but this time our changeover to an IPTL Cash redemption plan is a more
fundamental change.

We hope all of you will continue to use and enjoy IPTL even with the
changes. However, for those of you who may decide at this time not to
continue with IPTL for any reason, we want to express our sincere
appreciation to you for being a part of IPTL for the time that you have
been, and we wish you well.

In keeping with ongoing IPTL policies, no refunds or special cash
settlements will be arranged for any IPTL members as a result of the
changes in IPTL policies or procedures.

Due to recent temporary events affecting the IPTL site (including a
successful hack of our site) our unanswered email has been backing up
considerably. If you emailed us recently and your question, comment,
problem or concern is still an issue but you have not yet received an
answer email from IPTL, please email us again about your specific matter.
Many recent emails concern brief site-related issues or other problems
that may no longer exist, and reviewing all of those prevents us from
promptly answering emails regarding current matters.

We know from experience that a great number of emails may be sent to us
concerning the major changes to be effective January 1st. Due to the large
volume of emails we anticipate we will not be able to answer most of them.
So if you email us about these changes, please send your email to
[email protected] and don't plan to receive an answer email.

Thanks for taking the time to read all the way through this notice and our
comments.

We at IPTL extend to all of you our wishes for a wonderful holiday season
and a very good year in 2003.

- IPTL