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03|17|2010 11:41 pm EDT May Not Go to Auction Tomorrow, Involuntary Chapter 11 Filed

by Frank Michlick in Categories: Legal Issues

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According to Sedo and Mike Mann (as reported by Elliot Silver) the auction for that is scheduled for tomorrow, may not take place after all. Both sources say that an Involuntary Chapter 11 was filed against Escom, LLC the company that owns the domain. The auction page now states that the auction has been postponed.

Involuntary Chapter 11 Petition Filed Against Escom, LLC – Owner of the Domain Name

Woodland Hills, California – Creditors of Escom, LLC (“Escom”) today filed an involuntary Chapter 11 bankruptcy petition against Escom in the United States Bankruptcy Court for the Central District of California (San Fernando Valley Division).

Petitioners took this action to protect their interests and to maximize value for all other creditors and equity holders. The filing will stay the public auction foreclosure proceedings previously scheduled for March 18, 2010, which petitioners believe would have diminished the value of Escom’s assets.

For more information, please contact:

Lawrence Morrison, Esq.

Meister Seelig & Fein LLP

(212) 655-3582

The saga continues.

02|27|2009 05:30 pm EDT

Toys”R”us Buys Domain Name for $5.1 Million

by Adam Strong in Categories: Domain Auction

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The domain name bankruptcy auction is now over. I caught the tail end of the auction and listened and Twittered as the 2 final bidders ToysRus and National A1 Advertising fought it out with $5,000 bid increments.  The final blow by Toys”R”us was a $5,100,000 bid that trumped National A1’s $5,000,000 bid.  Up until this point, the 2 bidders were volleying back and forth with $5,000 bid increments and dragging out the process by requesting breaks before putting in their counter bids.  The auction started at 1pm CST and drug on until about 4:25 pm

Bidders included the winner, Toys”R”us, back-up bidder National A1 Advertising,  domain investors Frank Schilling as well as Larry Fischer and Ari Goldberg who were the previous stalking horse bidder.