Chapter 11 action stops sex.com auction

[Bill Roy]

Just heard that the sex.com auction for tomorrow has been cancelled due to a Chapter 11 action by the creditors.

Sorry no links yet but will post when I have one.

 

[stewie]

I want my certified cheque back then... ound:

 

[Domainate.com]

I want my certified cheque back then... ound:

MMM...$1 million, *nomnomnomnomnom*

That name is cursed not just for owners but for anyone wanting to own it apparently.

 

[silentg]

Tiger Woods should just buy it and redirect it to his website.

 

[james2002]

What is chapter 11?

 

[Gerry]

This story (the sale, not the cancellation) is being talked about on CNN tv.

They report that at one time, this site was earning $15,000.00...

each DAY!

 

[-ET-]

tiger woods should just buy it and redirect it to his website.

lol

---------- Post added at 10:18 PM ---------- Previous post was at 09:53 PM ----------

What is chapter 11?

Filing Bankruptcy.

When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.
In Chapter 7 the business ceases operations, a trustee sells all of its assets, and then distributes the proceeds to its creditors. Any residual amount is returned to the owners of the company. In Chapter 11, in most instances the debtor remains in control of its business operations as a debtor in possession, and is subject to the oversight and jurisdiction of the court.http://en.wikipedia.org/wiki/Chapter_11,_Title_11,_United_States_Code#cite_note-Practitioner-0

Source: wiki

 

[Dale Hubbard]

Regardless of its current disposition, I don't think it will ever make more than $5 million.

 

[Gerry]

Source: wiki

The oddity here is this was an Involuntary chapter 11 filing.

To me, that says someone else has a stake in this sale or ownership.

So there is more to the story than just a chapter 11 - they were forced into bankruptcy or someone put them into bankruptcy as this was an asset???

 

[DTalk]

As I understand it, the domain is/was owned by a consortium of partners...


Disastrous, imo.....As anyone knows that's ever been in a multiple-partner ownership situation on an asset, its hard enough to agree a good strategy & implementation when its a going concern - almost impossible when things turn bad.


Too many people, with too many opinions, with too much at stake.....End result? Paralysis.

.

 

[Gerry]

Too many people, with too many opinions, with too much at stake.....End result? Paralysis.

.

Just as long as I get my deposit back.