We re-examine the calculation of the bulk modulus of random networks w
ith a variable mean coordination [r] that ranges from [r] = 4 down thr
ough the phase transition from rigid to floppy that occurs at around [
r] = 2.4. In contrast to previous workers, we use random-network model
s, rather than depleted diamond lattices, so our results are more rele
vant to glasses, We find that the bulk modulus behaves in a very simil
ar way to that found previously for depleted diamond lattices, with th
e bulk modulus going to zero at around [r] = 2.4 with an exponent of 1
.4. In the course of this study we came across many examples of transi
tions between different local minima, especially in networks with a lo
w mean coordination. We discuss and illustrate the nature of these met
astable states and show that although there are differences in the loc
al minimum energy associated with these states, the bulk modulus (curv
ature around the minimum) is essentially independent of which minima t
he system is in. We show that these nearly degenerate local minima are
associated with different local confirmations of very short polymer c
hains.