October 21, 2010
Company Offers $13 Million For Sex.com Domain
According to court documents, Clover Holdings, an offshore holding company based on the Caribbean island of St. Vincent, has made a $13 million bid to buy the Internet domain name Sex.com.
Escom LLC, the current owner of the domain name, is being forced to sell due to bankruptcy.Attorney's representing Escom LLC have asked a California bankruptcy court to approve Clover as the winning bidder and clear the way for the Sex.com deal.
"The proposed sale to buyer was the product of arms-length, good faith negotiations in which the debtor bargained for maximum possible purchase price for the assets," Escom attorney Jeffrey Dulberg wrote in a court filing.
"The negotiations involved substantial time and effort by the parties... and (the agreement) reflects given-and-take and compromises by both sides."
Sex.com is the world's most valuable domain name, but went up for sale in July this year after Escom filed for bankruptcy.
Escom bought the domain name for between $12 million and $14 million in 2006.
Domain-name trading platform Sedo said the sex.com sale "offers the new owner a unique opportunity to become market leader."
According to court documents, there were a dozen bidders trying to obtain the sex.com domain.
Lawyers said the filing "time is of the essence" and has asked for a hearing to approve the sex.com sale by October 27.