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Money-Changers in the Temple

Arizona minister Roy Spencer “Bud” Miller registered the Internet domain in 1996 for $50, and shortly after turned down a $100,000 offer for it. Instead, he formed Inc., issuing stock and claiming “it is the goal of the board of directors of to become very, very profitable.” Enter James Solakian, who ended up with 28 percent of the company’s equity in settlement of a $400,000 debt. That upset the company, since the board is apparently all ordained ministers, so it allegedly stopped development of the site until “resolving” Solakian’s involvement. Because of that, Solakian says, the site isn’t bringing in the profit promised by the corporation, and he has sued the board for damaging his investment. (RC/Reuters) ...Prophets, profits — what’s the difference?
Original Publication Date: 14 November 2010
This story is in True’s book collections, in Volume 17.

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