I've got a crack at this one for $35. Looking at the bikepedia site for the model it looks like the compenents are at least decent. If nothing else I'll have some parts to work with, but I'd really like to flip it for some extra cash. Sound like a decent deal?
http://www.bikepedia.com/quickbike/BikeSpecs.aspx?Year=1996&Brand=Raleigh&Model=M40&Type=bike
http://www.bikepedia.com/quickbike/BikeSpecs.aspx?Year=1996&Brand=Raleigh&Model=M40&Type=bike