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03|17|2010 11:41 pm EDT

Sex.com 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 Sex.com 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 Sex.com 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

lfm@msf-law.com

The sex.com saga continues.

01|01|2010 03:08 pm EDT

Foreclosure.com Parent Seeks Bankruptcy Protection

by Frank Michlick in Categories: News

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Foreclosure.com ScreenshotAs 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.]