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Archive for the ‘ auction’ Category Domain Name In Default for Over a Year

March 9, 2010Domain Sales, Domaining, Domainnamewire, auctionComments Off on Domain Name In Default for Over a Year

Debtors behind on bills for the past year.

With heading to the auction block, there’s a been a lot of talk about what went wrong with the current owner, Escom LLC. According to a Reuters article, Escom has been in default on its loan for over a year to lender DOM Partners.

“The loan was in default and DOM partners is foreclosing pursuant to its right under the security agreement,” DOM’s attorney Scott Matthews told Reuters.

The auction is still scheduled for March 18. Clearly, there are some disagreements amongst Escom LLC investors. There was early indication from one of the investors that there might be a lawsuit filed to block the auction, but a search of Federal District Court records did not turn up any such suit yet.

Auctioneer Maltz Auctions says there’s been significant interest in the domain name. Prospective bidders need to deposit a $1 million check prior to the auction. There will definitely be bids in excess of $1 million, but any winning bid is subject to DOM Partners’ acceptance.

© 2009.

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