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JewishJournal.com

October 22, 2010

Bible.com investor sues over unrealized profits

http://www.jewishjournal.com/blog/item/biblecom_investor_sues_over_unrealized_profits_20101021/

James Solakian, who in 2001 acquired 28 percent of the shares in Bible.com, Inc., has sued the company’s directors for failing to maximize profits. This according to Reuters:

The lawsuit cites a valuation done by a potential purchaser that estimated bible.com could be worth more than dictionary.com, which recently sold for more than $100 million.

The domain name was registered by Roy Spencer “Bud” Miller, an Arizona minister who secured it in 1996 for $50. Soon after, he was offered $100,000 for the location, according to court documents.

Miller refused, stating he was entrusted to run the site for a sacred purpose, according to court documents.

Miller, along with his wife Betty, brought in a marketing firm to help them develop the site. They raised money by forming Bible.com Inc and issuing stock.

The company’s business plan stated “it is the goal of the board of directors of Bible.com to become very, very profitable,” according to court documents. The business was also to be governed in accordance with Christian business principles.

Not that there is anything unChristian about turning a few loafs of bread into enough to feed a few thousand.

Thanks for the link, Dennis.

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