Sex.com is Going Down

nathanielinbrazil writes "A motion to dismiss the involuntary bankruptcy of Sex.com has been filed in a California court. Operational turmoil has put its owner in the doghouse with its creditors, who want to take over. 'It's the best domain in the world by far,' said Mike Mann, who has tried to keep the creditors at bay. Sex.com is estimated to be worth $100m. Let the games begin!"

Comments

Re:It might have been valuable back in 1998 or so

[bluefoxlucid]

That's my situation. I'm having trouble killing my credit card, but I've just paid my last $300+ college bill and my last $150+ maintenance bill on my apartment for a prior issue. I'm also switching off my evil car insurance company because everyone quotes me $1000-$1500 lower per 6 months, for the same coverage! Good hands... with sticky fingers.

Mind you, I also have my 401(k) contributions set obscenely high, so I intentionally have a very harsh financial situation. My intent is to pay off my $18000 car loan, and my $1300 credit card, and have some $1200/mo of money a month. I'll sack some away, and... probably up my 401(k) again. I like being poor, I guess. I mean right now I'm shaking, I'm feeling the pain, and my $200/mo allowance is almost bankrupting me; but if I'm careful I'll make it... next time I'm paying for college up front out of savings though.

I might just buy another car. Pay my car under its trade-in (or market sale) value-- which is some $10000-$12000-- and find something used that passes a PPI to my satisfaction (suspension issues I can fix, minor brake system issues i.e. new master cylinder I can fix, etc) for around $4000. Wiggle my way out of $6000-$8000 of debt by plodding down $4000 head on. The extra $500/mo I'll have coming in will cover any minor repairs I may need, or an engine rebuild.

Trust me, a stream of $4000 of tune-ups and minor repairs of aging not-yet-dead parts is way better than a $4000 loan; you can sit on the minor repairs while you bank a few grand as a cash buffer, and the bank won't come after you. You want that cash buffer to handle EMERGENCY repairs-- things that are just broken, or that will force other systems to fail i.e. any exhaust system issue (if the cat clogs, it'll damage your engine, EGR, oxygen sensor... and if the EGR or O2 sensors go, they'll damage each other and the cat). Non-essential maintenance i.e. "I'd like to replace all the brake lines, they're 15 years and 150,000 miles old but they work just fine" can wait a few months.