The Real Deal Miami

Foreclosure.com parent emerging from Ch. 11

March 22, 2011 03:13PM

Boca Raton-based FFS Data, which runs Foreclosure.com and several other foreclosure search websites, will emerge from Chapter 11 bankruptcy after resolving litigation that had burdened the company with $26.3 million in claims related to loan guarantees, as well as additional litigation claims. FFS filed for bankruptcy in late 2009 with $7.9 million in assets and $37.7 million in debt. Founder Brad Geisen has assumed $1 million in debt under the bankruptcy plan. “The company has been a party to two lawsuits, which were a burden on its cash flow. We used the bankruptcy to resolve the litigation,” said FFS’ attorney, Bernice Lee, of Shraiberg, Ferrara & Landau. “It was running about $100,000 a month just to defend lawsuits. But this company has about 45 and 50 employees, and they will keep their jobs.” [SFBJ]