Shortly thereafter, Network Solutions its largest registrar partner used the escape clause in their contract with Snapnames.com to pull out of their agreement.
Now it appears that the former employee of Snapnames engaged in shill bidding was also a shareholder of the company that sold Snapnames.com to Oversee.
If, as we quoted President of Oversee Jeff Kupietzky as saying, 75% of all this shilling bidding took place prior to Oversee’s acquisition of Snapnames.com, it would be logical to conclude that the financial information Oversee received from the company that sold Snapnames, were inflated by shill bidding.
We inquired as to whether the former employee was also shareholder of the company that sold Snapnames.com to Oversee and received this response:
“””Yes, the former employee was a shareholder, as were all SnapNames employees.””
The lawyer in me tells me if the person responsible for the shill bidding was a shareholder of the old company as well, this may allow Oversee to claim misrepresentation and seek damages against the company that sold them Snapnames.com.
Shill bidding by an employee is bad enough, but it is alleged that this individual engaged in this behavior while he was a shareholder of the company as well.
For the record, when I asked Mr. Kupietzky about this issue his response was:
“””While SnapNames doesn’t discuss legal issues, we are considering all available legal remedies”””