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05|19|2008 12:59 am EDT

More History About CreditCards.com

by Adam Strong in Categories: Miscellaneous

A story about entrepreneur Richard Gordon was published in the Herald Tribune today. The article mostly focuses on how he makes money on processing charges for porn sites and at the same time is involved in more “socially acceptable” endeavors. Not really any of our concern, but a little snippet of the article was interesting from a domain perspective and talks specifically about the history of CreditCards.com

In 1999, to take advantage of the dot-com gold rush, Mr. Gordon combined many of these companies into a single entity, CreditCards.com, according to a company press release at the time. But the company was having financial problems. Former employees say they remember paychecks occasionally bouncing and leased furniture being repossessed.

According to documents filed with the bankruptcy appellate panel of the United States Court of Appeals for the Ninth Circuit, Mr. Gordon brought in new partners from Nashville in 1999 and borrowed several million dollars from them, using his stock as collateral.

The documents, filed as part of litigation relating to business disputes at the company, say that when Mr. Gordon could not pay his partners back, they removed him. The company is now called iPayment and is based in Nashville.

“He played so many games that eventually he got played himself,” says Masih Madani, the former chief technology officer of CreditCards.com, referring to Mr. Gordon.

But Mr. Gordon didn’t walk away from the enterprise empty-handed. The new owners paid him $2 million to settle his lawsuit against them, according to court documents. Mr. Gordon also ultimately rescued one other prized asset from this first Internet foray: his relationship with Wataru Takahashi and DTI.

This provides a little more color to the history of the domain name, but it would be interesting to know the “rest of the story” about CreditCards.com and what happened to the domain during/after that bankruptcy. DomainTools history shows that Andrew Miller was involved in the ownership as far back as 2002 and someone in Massachusetts (where the company is based) as far back as 2001, but there’s no history further back. Miller’s Internet Realestate Group sold CreditCards.com for 2.75 million in 2004 and in the fall of 2007 the company CreditCards.com filed for a $115 million IPO. I’m sure someone out there knows the whole story. . . . but it’s probably under and NDA right ? :)

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1 Comment

Bob

May 19, 2008 @ 5:13 am EDT

To bad Richard Gordon controls such a nice name, hope he ends up in prison again where he belongs.

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