Bible.com Sued for Not Being Profitable Enough
Correction appended
A Bible.com investor is suing the company's founders and board members, alleging that they breached their duty by refusing to sell the site for its potential worth or run the company in a profitable way.
James Solakian, who owns 28 percent of the company, has filed suit against the Arizona-based company in Delaware's Chancery Court, according to Reuters.
Court documents state that Arizona minister Roy Spencer Miller registered the domain in 1996 for $50. He was offered $100,000 for the one-word domain name soon after but turned it down, according to the suit.
Bible.com could bring more than $100 million, according to court papers, which cite an appraisal done by a potential buyer that places the value of Bible.com higher than that of dictionary.com.
Miller holds the title of Chairman of the Board and co-founder, according to the website. His wife, the Rev. Betty Miller, is listed as the Bible.com Ministries President and co-founder.
Betty Miller told The Christian Post that she has not been served with the court papers and declined to comment.
The site attracts an estimated 1 million unique visitors a month and allows users to search the Bible in 39 translations and different languages. It also has a prayer room and Bible answers on modern-day topics.
In addition to the couple, the suit also names Andrew Miller, Stacy Fornara, Edward Cude and Michael Magnant and Bible.com, Inc as defendants.
Calls to Fornara, CEO of Christian Worldwide Marketing, were not immediately returned.
Correction:Monday, October 25, 2010: An article on October 23, 2010, about a lawsuit filed against Bible.com by one of its shareholders incorrectly reported the position of Stacy Fornara. She is the CEO of Christian Worldwide Marketing, not Bible.com.
