Chapman Capital Demands Replacement of eSpeed Directors Albert Weis, John Dalton, Barry Sloane & Barry Gosin

Investment Advisor Supports Immediate Auction

    LOS ANGELES, April 18 /PRNewswire/ -- Chapman Capital L.L.C.,
 investment advisor to two investment funds that together own 9.3% of the
 Class A shares of eSpeed, Inc. ( ESPD) ("eSpeed" or "the Company"),
 today announced its demand that eSpeed's non-affiliated owners be granted
 consent to replace eSpeed directors Albert M. Weis, John H. Dalton, Barry
 R. Sloane, and Barry M. Gosin on eSpeed's Board of Directors (the "Board")
 at the Company's 2007 Annual Meeting of Stockholders. In addition, Chapman
 Capital reiterated its demands that the Board immediately retain an
 independent auditor to review the Joint Services Agreement, compel the
 conversion of all Class B common shares into Class A common stock, and
 engage an investment bank to maximize shareholder value via an auction of
 the Company.
     Robert L. Chapman, Jr., Managing Member of Chapman Capital, commented,
 "Chief Executive Howard Lutnick's three-kingdom reign over Cantor
 Fitzgerald, eSpeed and BGC Partners appears so infested with potential
 conflicts of interest and incestuous inter-company transactions that a
 completely new set of corporate governors may be required to exterminate
 any vermin from eSpeed's board room. Chapman Capital finds it astonishing
 that Mr. Lutnick may believe he retains the residual credibility necessary
 to bedazzle a new group of investors in the proposed BGC Class A concoction
 after stupefying eSpeed Class A shareholders with years of underperformance
 and apparent disrespect."
     Regarding Chapman Capital's demand for the immediate auction of eSpeed,
 Mr. Chapman stated, "The non-return of 24 straight business days of
 telephone calls from eSpeed's largest Class A owner is something one might
 have expected from multi-kingdom conflicted tyrants such as Hollinger
 International's Conrad Black, but not someone as conscious of his public
 reputation as Mr. Lutnick. Moreover, today's disclosure of the seemingly
 impulsive rejection of Tullett Prebon Plc's premium acquisition proposal
 has done nothing but heighten our concerns that Napoleonic behavior
 continues to be condoned by eSpeed's director fiduciaries."
     Chapman Capital reiterated the need for eSpeed to follow the path of
 fellow Delaware-incorporated public companies Conoco Inc., Agere Systems
 Inc. and Pacific Health Systems, Inc. by collapsing the dual voting
 ownership structure that Chapman Capital believes entrenches eSpeed
 management and seems to be obstructing at least one bid for the
 change-of-control of the Company. Circuit Judge Kimberly Moore's recent
 17-page ruling that Cantor Fitzgerald's "declarations included material
 false statements and were submitted with an intent to deceive"
 unfortunately may solidify Mr. Lutnick's reputation amongst various eSpeed
 owners, customers and peers. Regarding Judge Moore's incriminating ruling,
 Mr. Chapman commented, "Following eSpeed's April 12th arguably belated
 decision to hire a 'Chief Ethics Officer,' I propose that either Dennis
 Kozlowski or Bernie Ebbers be considered to fill the position once they
 have been discharged from their respective prison cells. Gentlemen subject
 to such extensive rehabilitation would appear to be a perfect match for
 this unique opportunity."
     Chapman Capital L.L.C. is a Los Angeles, CA based investment advisor
 focusing on takeover and turnaround investing. The firm currently manages
 over $300 million as the registered investment advisor to Chap-Cap Partners
 II Master Fund, Ltd. and Chap-Cap Activist Partners Master Fund, Ltd., the
 combined owners of approximately 9.3% of eSpeed's Class A common shares.
 Over the past eleven years, Chapman Capital has agitated successfully for
 the restructuring or sale of over twenty publicly traded companies,
 including recently closed transactions involving Carreker Corporation and
 Glenayre Technologies, Inc., and pending transactions involving Sunterra
 Corporation and Embarcadero Technologies, Inc. Mr. Chapman previously was
 employed by Goldman Sachs & Co., Scudder Stephens, & Clark, and NatWest
 Bank USA. Related news releases, as well as additional information on
 Chapman Capital, may be found at http://www.chapmancapital.com.
     eSpeed, Inc. is a leader in developing and deploying electronic
 marketplaces and related trading technology that offers traders access to
 the most liquid, efficient and neutral financial markets in the world.
 eSpeed operates multiple buyer, multiple seller real-time electronic
 marketplaces for the global capital markets, including the world's largest
 government bond markets and other fixed income and foreign exchange
 marketplaces. eSpeed's suite of marketplace tools provides end-to-end
 transaction solutions for the purchase and sale of financial products over
 eSpeed's global private network or via the Internet. eSpeed's neutral
 platform, reliable network, straight- through processing and superior
 products make it a trusted source for electronic trading at the world's
 largest fixed income and foreign exchange trading firms and major
 exchanges. Related news releases, as well as additional information on
 eSpeed, may be found at http://www.espeed.com.
 
 

SOURCE Chapman Capital L.L.C.