From Theglobe.com Press Release: "Theglobe.com intends to exercise its purchase option for Tralliance upon certain conditions being met, including final approval to be the registry of the .travel top-level domain from ICANN. If and when theglobe.com exercises its purchase option, it will issue 1.5 million shares of its common stock in exchange for all the capital stock of Tralliance."

Keep in mind that, to the best of my knowledge, Tralliance has no significant assets beyond the value of its cash on hand, its employees, and its prospective contract with ICANN. In other words, virtually all of the company's value comes from the registry contract. With Theglobe's stock trading at .50 cents today, that places a value on .TRAVEL at about $750,000. Not a bad return on that $45,000 application fee.