Sex for Sale
Well, I figured if that headline didn't get your attention....
Anyway, back in 2006 the owner of Match.com, Gary Kremen, held the rights to the domain "Sex.com" and decided to sell those rights. Some investors formed Escom, LLC ("S" com, too clever) to buy those rights for a cool $12 million. Apparently the investors used all their creativity on the company name, because they then managed to go broke. In the sex business! Half the Internet is sex, and they can't monetize Sex.com. Wow. They defaulted for a not-so-cool $10 million, and creditors pushed them into Chapter 11 last year.
Now Escom is seeking court approval of the sale of the domain to some off-shore consortium by the name of Clover Holdings, Ltd. (Which means Escom is throwing in the towel and is opting for a "liquidation plan." Man I love how flexible Chapter 11 can be.). Clover is paying $13 million, a $1 million mark-up in a BK sale in spite of the teeny-tiny economic downturn we've had in the interim. Maybe Internet pr0n is the last bull market standing.