Foreclosure Web Service Files Bankruptcy
FFS Data, a company that operates popular foreclosure listing sites foreclosure.com, foreclosuredatabase.com and foreclosurefreesearch.com has filed for Chapter 11 bankruptcy. The Dec 23, 2009 filing cited a gross income of $15.7 for 2009, $9.1 million in assets and $27.5 million in debts. This Boca-Raton, Florida-based web search firm should be on the rise due to foreclosure filings being at a record high paired with their vast list service that includes nationwide foreclosures, pending foreclosures, bankruptcy filings, tax liens and repossessed properties, as well as an email blast service announcing recent foreclosures.
But off to bankruptcy court they went after missing payroll for 50 contracted employees among other oversights including a $4 million unsecured loan with Legacy Bank of Florida. Additionally, the company’s vast debt includes $3.1 million to Siena Realty Associates and $232,500 to Corporate Realty Associates, the Boca-Raton company that owns their lease.
FSS was founded in 1999 by Brad Geisen, a licensed mortgage broker and real estate broker who remains president and CEO with a former $115k in salary and a reported $1.09 million bonus in 2008. The company's attorney, Bradley Shraiberg, had no comment.
Forclosure.com parent seeks bankruptcy protection, Bizjournals.com, January 1, 2010
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