The sex.com sale, or non-sale, is back in the news with a couple of
stories about it. In one, Reuters is reporting "a lender which claims it
is owed millions by the Sex.com [registrant] is asking a U.S.
bankruptcy court to dismiss an involuntary bankruptcy case against the
company, so it can resume a foreclosure auction, according to new court
documents."
Meanwhile People for the Ethical Treatment of Animals (PETA) think it
would be a good idea, well, they call it a "stimulating" idea, for DOM
Partners to donate the domain name to PETA. PETA think the domain name
would be a great idea to help them educate the public as to the wonders
of "veggie Viagra"! So they wrote to Dom Partners' solicitors on 17
March urging them to donate the domain name to them, suggesting there
were huge tax advantages.
But back to the Reuters report that says the New Jersey lender, DOM
Partners LLC, claim to have "loaned more than $4 million to Escom LLC to
fund the website's operations, said in court papers on Friday that
Escom shouldn't be in bankruptcy. DOM said it would be best able to
recover the debt by holding a new auction for what may be the world's
most valuable domain name."
The Reuters report outlines how Escom "reportedly paid $14 million to
acquire the Sex.com domain name in 2006 and said at the time that it
planned to create a 'next-generation Web interaction' experience on the
site. But the court documents filed by the lender painted a picture of a
company with just one employee, little income, and little ability to
achieve its intentions."
"ESCOM has no working capital of its own to finance any development of
the Domain Name, let alone to pay its secured creditors," a
representative for the lender said in court papers.
"A hearing is set for April 20 at the U.S. Bankruptcy Court in Woodland
Hills, California, according to court papers filed on Monday."
For more information, see:
www.reuters.com/article/idUSN3014848420100331
www.peta.org/mc/NewsItem.asp?id=14439
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