Bible.com investor sues company for lack of profit
A 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.