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.

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.

Miller, along with his wife Betty, brought in a marketing firm to help them develop the site. They raised money by forming Bible.com Inc and issuing stock.

The company’s business plan stated “it is the goal of the board of directors of Bible.com to become very, very profitable,” according to court documents. The business was also to be governed in accordance with Christian business principles.

Solakian acquired 28 percent of the company’s equity in 2001 as part of a way of settling a $400,000 business debt.

Betty Miller declined to comment because she said she had not seen the lawsuit.

Following is an extract from the ‘About Us’ page from Bible.com
Bible.com is the #1 Bible resource on the Web – encompassing various translations, languages, scriptures, studies, and dynamic Biblically-based content. Our online Christian Community offers visitors a place to gather, learn, interact, and share the Bible’s teachings. Website users can access a host of tools, news, articles, and products pertaining to the Bible – presented in an interesting, captivating and engaging way. Our Site covers such areas as kids, family, culture, and more based upon Biblical principles.

Stacy Fornara- President and CEO Christian Worldwide Marketing, Inc
Christian Worldwide Marketing, Inc has an exclusive license agreement with Bible.com to host, maintain and develop the website and controls all aspects of the IT, advertising, sales and all “for profit” business for Bible.com.

Staff, Baptist Press

The Biblical Recorder has served North Carolina Baptists as the Baptist State Convention’s official news journal. It was founded in 1833.

Norman Jameson, editor of the Biblical Recorder since Aug. 1, 2007, has resigned, effective Dec. 31, 2010.

Saying his resignation was “not required, but necessary,” Jameson offered to resign prior to a regularly scheduled board meeting in Charlotte Oct. 21. Board members expected their meeting to include discussion about an announced challenge to the Recorder’s Cooperative Program funding through the Baptist State Convention of North Carolina when the convention meets Nov. 8-10.

A letter to the Baptist State Convention of North Carolina Executive Director-Treasurer Milton A. Hollifield Jr. and copied to the Recorder board members threatened such action if the editor was not removed. Hollifield has no supervisory responsibility for the Recorder, which is an entity of the Baptist state convention with a separate board.

Cooperative Program funding accounts for about 45 percent of the Biblical Recorder’s $726,500 budget in 2010.

“It seems that Mr. Jameson does not know the mindset of this predominantly biblically conservative state … enough is enough,” wrote Sandy Beck, director of missions in the Carolina Baptist Association. “If his board of directors cannot influence his lack of sensitivity, perhaps the conservative pastors and laity of this state can.”

Jameson, a Baptist journalist since 1977, said he was confident until just hours before the board meeting that the Recorder would survive such a challenge if it were to materialize. But with no such confidence expressed by the board, he offered to resign.

Anything related to the for profit side of Bible.com should be directed to:
Stacy Fornara, [email protected]

Read More on the Subject: http://www.popfi.com/2010/10/22/bible-com-sued-for-lack-of-profits/

[Editor’s note: This article is incomplete. The link (URL) to the original article is unavailable and has been removed.]