800.com “sells” again

The domain name 800.com has changed hands…sort of.

The world of penny stocks has always been a bit odd to me. Such is the case with Quamtel, Inc., which recently sold the domain name 800.com to its former sole shareholder, Steven Ivester.

George Kirikos spotted this in one of the firm’s SEC filings from June:

Effective June 21, 2012, the Firm sold the 800.com domain and all of its assets to Steven Ivester, the Firm’s former sole shareholder, who is right now the Assistant Secretary of and also a consultant to the Firm through a Consulting Services Agreement with iTella, Inc., for $850,000. The Firm did not receive any cash in the transaction. As consideration for the sale of the 800.com, the Firm reduced a liability payable to Steven Ivester by $850,000.

Ivester personally bought the domain name in a Circuit City bankruptcy auction for $250,000 in 2009. A Quamtel SEC filing from later that year disclosed that Ivester purchased the domain name on behalf of the firm. On Quamtel’s books the domain is listed at $317,500, which apparently has to do with issuing 25,000 of its common shares, valued at $67,500, for an option to purchase the domain.

The firm also shows DataJack.com on the books at $56,000.

Shares in Quamtel trade for regarding two cents.