FaithWorld

Bible.com investor sues company for lack of profit

By Reuters Staff
October 21, 2010

bible kjvA shareholder of Bible.com Inc sued the company’s board members, accusing the ordained ministers of failing to profit from the “goldmine” potential of the namesake Internet property, according to a lawsuit.

James Solakian filed the lawsuit in Delaware’s Chancery Court against the board of Bible.com for breaching their duty by refusing to sell the site or run the company in a profitable way.

(Photo: Title page of the Bible, King James version from 1772)

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.

Read the full story by Tom Hals here.

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