01|01|2010 3:08 pm EDT
Foreclosure.com Parent Seeks Bankruptcy Protection
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.]
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14 Comments
Steve M
January 1, 2010 @ 8:30 pm EDT
…proving that Rick was correct in walking away from a deal that involved financing the sale and/or sharing in the revenue without an iron-clad provision(s) quickly and easily returning all his rights, title, and interest in and to Property.com should things not go as both parties had hoped.
eric r
January 2, 2010 @ 7:15 am EDT
Everyone things domain development is easy… 95% of all big domain development projects are failures…and do not live up to the hundreds of thousands if not millions invested.
Tim Davids
January 2, 2010 @ 8:34 am EDT
even people that make more than $1000/month can waste your time ;)
lance
January 2, 2010 @ 8:51 am EDT
Our group of partners will buy this domain when it auctions off. Projected price $5-$10mill.
Andrew
January 2, 2010 @ 11:58 am EDT
@ Lance – it’s Chapter 11 reorganization. I don’t know that you’ll see this on the auction block.
EM @ KING.NET
January 2, 2010 @ 1:16 pm EDT
@lance
I agree with Andrew, you wont see this in auction.
Cheers,
EM @ KING.NET
Josh
January 3, 2010 @ 2:03 am EDT
I think not selling property.com for at least small 7 figfures cash and pushing for more has left Rick with nothing more than pipe dreams. Coud have taken XXXXXXX in cash and earned XXXXXXX more over the last year in the markets, invested in REAL property etc. One in the hand two in the bush, something most domainers havent heard enough of…
Adam Strong
January 3, 2010 @ 10:23 pm EDT
Lance, why don’t you and your group just buy property.com from Schwartz ?
ahmet kurt
January 4, 2010 @ 3:02 pm EDT
even people that make more than $1000/month can waste your time
araç sorgulama
January 4, 2010 @ 4:21 pm EDT
Everyone things domain development is easy… 95% of all big domain development projects are failures…and do not live up to the hundreds of thousands if not millions invested
lance
January 4, 2010 @ 4:42 pm EDT
Yes property.com is a gem. But I dont see it as a ” home finder” type domain.
More for like vacant land, no? Commerical?
John Beck Tele Seminar
January 5, 2010 @ 11:27 pm EDT
Foreclosure properties are in high demand as the lenders are in trouble and there are many tax foreclosure properties available..All big domain development projects are failures…and do not live up to the hundreds of thousands if not millions invested
steve
January 6, 2010 @ 8:34 am EDT
5% of .com domains are actually used for operating businesses, the others are parking domains and pipe dreams.
Goes to show you once “Joe Internet” figures this out, 90% of this group will opt for sites like those offered from .tel, save the cost of .com development, and start doing REAL BUSINESS, before spending millions on site development.
Heck, I’d rather put the money into Marketing and Sales!
SinglePill.com
January 7, 2010 @ 4:09 am EDT
There’s a ton of details missing from Rick’s post. Property.com wasn’t (at the time it was announced) worth close to $10M. Rick will be lucky to sell this off for half of that. Honestly he’s got the largest ego of any domainer and I think that will be his downfall. For someone who has as much revenue from parking (as he claims) he should put his money where his mouth is and develop something himself. He rails against the Fortune 500 who don’t come knocking on our doors when it comes to using generics to market themselves or use them to create a new web presence. Yet he’s the greatest example of the lazy domainer. Even his glorified interview in Business 2.0 a while back essentially highlighted how he doesn’t do anything all day long. I’m personally glad that Traffic is winding down and he’s no longer the “mouth piece” for the industry. Don’t look to Rick as someone to idolize, he got in early and has been sitting on his domains ever since.