According to technical.ly, after spending $500,000 for the domain name Brand.com, the company formerly known as Reputation Changer filed for Chapter 7 bankruptcy last month.
Technical.ly says according to the filing, Brand.com sold its domain for $300,000 .
The domain name is currently in escrow.com at Igloo.com
Technical.ly also reports that the company sold the domain name NHQ.com, the domain for its content marketing identity News Headquarters, for $10,000.
The Brand.com Twitter account has also been sold.
“The company owes more than $1.9 million to nearly 70 people and organizations — including $52,000 to former landlord Keystone Property Group, nearly $200,000 to services like Salesforce, LinkedIn and content recommendation startup Taboola and more than $200,000 in pending lawsuits from former employees and clients. It reported a total of $104,000 in assets, the bulk of which is office equipment like computers, furniture and phone systems.”
“The company reported making $11.8 million in revenue in 2013 and $8.5 million in 2014.”
Cofounder Rich Gorman, told Technical.ly “If you show me an internet entrepreneur that hasn’t failed, I’ll show you someone that isn’t an internet entrepreneur.”
$8,5M in revenue in 2014 and they go bankrupt…
Why they haven’t try to sell the domain name on auction to get more $$ ?
Something is wrong here. Check a new domain owner – no surprise if related to the old one :-O
Michael Berkens says
Domain is in escrow at Igloo.com
The rest of the information comes from court documents filed related to the Bankruptcy
“While it’s really sad to see the Brand.com venture end, I must tell you that it was a fun experience,” he wrote. “A lot of great people put a ton of sweat equity into the business…”
Company goes bankrupt, owes money to plenty of people, distressed employees, and the guy has the guts to make a comment like that… he is really pathetic!
Surely their $$ is safe in offshore accounts.
Scott Neuman says
I could see the BK officer clawing these back. They are assets of the company and should have been sold at fair market value.
Andrea Paladini says
Agree, they should be clawed back in the bankruptcy procedure …
Also in order to avoid the risk of assets sold for cheap to (directly or indirectly) related parties …
Jeff Schneider says
Valuation had everything to do with this Legacy .COM Platform Asset going from Weak hands to Strong Hands JAS 5/4/15 OCCAM’s RAZOR
Gratefully, Jeff Schneider (Contact Group) (Metal Tiger) (Former Rockefeller IBEC Marketing Analyst/Strategist)
I like the quote for Rich. It’s truly inspiring and motivating. Concerning the company’s bankruptcy, everything must come to an end someday and that’s the end of the venture. Onto the next!
Thanks for sharing
gorman is not so rich now eh?
Bankruptcy expert and professor at University of Michigan’s law school John Pottow said:
“Bankruptcy is quick, it’s sweet, it’s dirty and it’s incredibly efficient.”
There is a whole industry comprised of exploiting and leveraging reputabe businesses, bilking investors, defrauding consumers, IPO-ing and otherwise achieving liquidity, then siphoning off funds to hidden bank accounts before running the business into the groud and declaring bankruptcy.
This practice seems to run the gamut from small to large companies.
Dan G says
He also is co-owner of formerly know as at cost fulfillment, and they bought fulfillment.com for a ton of money. Lawsuits follow this guy around. He is borderline retarded.
Jason Sikorski says
This was an enlightening read