10|21|2010 05:14 pm EDT
As Reuters reports, James Solakian, an investor in Bible.com, Inc. is suing the company’s board members for lack of Profit. Solakian acquired 28 percent of the shares in 2001 as a settlement for a business debt of $400,000. A fight over the control of the company has been ongoing since then, resulting is a suspension of development of the site.
The domain name was originally registered by Roy Spencer “Bud” Miller, an Arizona minister in 1995. Soon after he already found himself turning down offers of $100,00, but Miller refused saying that “he was entrusted to run the site for a sacred purpose”. He then,together with his wife, brought in a marketing company to help them develop the site. They formed Bible.com Inc. and raised money by issuing stock.
Bible.com currently features a crowded mix of advertisements as well as a verse of the day — “Do not follow the crowd in doing wrong” — and offers links for Biblical answers to questions on voting and masturbation.