2010/01/02

Domain Name News: Foreclosure.com Parent Seeks Bankruptcy Protection

Foreclosure.com Parent Seeks Bankruptcy Protection

Posted: 01 Jan 2010 12:08 PM PST

As per an article by the South Florida Business Journal, the parent company of Foreclosure.com, FFS Data, has filed for Chapter 11 reorganisation on December 23rd. The company cites $9.1 million in assets versus $27.5 of debt and $15.7 million income so far.

Aside from Foreclosure.com, the company also runs related portals under the names of Foreclosure.com, ForeclosureFreesearch.com and ForeclosureDatabase.com. On July 22nd of 2008 the company, lead by Brad Geisen, had announced that they were purchasing Property.com from Rick Schwartz for an undisclosed amount, but yet the negotiations were broken off in October 2009 since the lawyers were not able to agree on terms for the deal, according to a blog post by self-proclaimed “Domain King” Rick Schwartz.

[Thanks to our Friends at ExpertName for the tip.]