Earlier this week, domain registrar Network Solutions notified
domain name owners who had failed to pay renewal or registration
fees that if they did not settle their accounts by today it would
put their domain names up for auction.
It is estimated that Network Solutions could make huge profits
if the auction goes ahead but it has made clear that bids will not
be allowed to go above the sums actually owed by the domain name
owners. Even so, the main concern for those who have not paid up
will be the cost of reacquiring their domain name at a later
date.
It is well-known that certain desirable names can sell for very
high sums. However, if any of the domains sold are already
registered trade marks, it is likely that the owner of the trade
mark will take legal action to recover the name in the event that
the new purchaser seeks to ransom the name.
The Network Solutions auction has been condemned by rival
registrars and ICANN claims to be investigating the matter to
determine whether it constitutes a breach of the terms of the
agreement it has with the company.
