In 2008, Michael and Xochi Birch sold their startup, Bebo to AOL for $850 million, netting nearly a $300 million profit for each of them. After severe mismanagement on the part of AOL, Bebo crumbled and now Michael is snatching his former company back up for a hefty bargain of $1 million.

Bebo was initially launched in 2005 and stands for “Blog Early, Blog Often.” Through the site, users can post blogs, pictures, questionnaires, etc. on a personalized page and add other members as friends.

After the acquisition, it was unable to position itself to compete with Facebook, which continued to see growth in users and profit.  This ultimately cost then-CEO of AOL, Randy Falco, his job. AOL, who was criticized for purchasing Bebo at a much higher price than it was worth, could not turn the social-networking platform around—its user base had already run to Facebook. Rory Cellan-Jones, technology correspondent for BBC, called AOL’s decision to buy Bebo “one of the worst deals ever made in the dotcom era.”

In 2010, AOL sold Bebo to private investment firm Criterion Capital Partners for a non-disclosed sum, but reportedly for roughly $10 million. Criterion Capital’s managing partner, Adam Levin, said there was plenty to be positive about the purchase: “The young, highly active user base, revenue history, presence in countries throughout the world and solid technical infrastructure make it an attractive media platform,” he said.

In April, shareholders, including Michael and Xochi Birch, filed a suit against Criterion Capital for $5 million for severe mismanagement of Bebo. The filing alleged that, “Criterion has ‘exploited’ Bebo and has been ‘fraudulent’ by ‘using its operating capital to pay the salaries of Criterion’s staff,’ including $14,000 per month to Levin.”

Two months ago, Bebo filed for Chapter 11 bankruptcy.

Now that Michael Birch has bought the company back, he isn’t sure exactly what he’ll do with it, but is looking forward to experimenting with its revival. He posting on his Twitter account:

We just bought Bebo back for $1m. Can we actually re-invent it? Who knows, but it will be fun trying…

— Michael Birch (@mickbirch) July 1, 2013