Integrated Asset Services was a well-known real estate management firm working in Denver. However, the company landed in hot waters in the middle of 2013 when it had to think about a serious restructuring of their finances in the wake of hundreds of complaints that were being received against the company. Most of these complaints were received because the firm was allegedly failing in paying the real estate agents for all the services that had been rendered to them. The company is known as IAS but its full name is Integrated Asset Services, LLC. AA lot of contractors were quite disappointed with the company and they had filed a huge number of lawsuits against them throughout the nation.
During this time, the company’s attorney suggested that they are trying to negotiate their own financial structure and look forward to make changes to the $11.5 million that is being held as a secured debt by the Bank of America. If successful, this negotiation had to pay for the contractors and the cost of the services rendered by them. The company was represented by John Young who works for Markus Williams Young & Zimmermann, another Denver based firm specializing in legal aid. The company was on the verge of filing for a chapter 11 bankruptcy back in July 2013.
The company had become so unstable on the financial front that it had to show the door to a number of employees so that they could reduce their operational costs. According to Young, the company was largely affected because the number of foreclosure properties had gone down in the recent times and Integrated Asset Services was on the verge of being thrown out of business because of the lack of opportunities. Young clearly mentioned that the company was finding it very difficult to survive in a market that was rapidly shrinking.
The problems had been increasing for the company because it worked specifically for managing the foreclosed properties of its clients. In turn, it also used to maintain contacts with many real estate agents who could evaluated the value of the foreclosure and even sell it for the benefit of the lender clients and Integrated Asset Services. Many subcontractors had even filed lawsuits claiming that the company owed them thousands of dollars as payments. The company was allegedly not listening to the complaints of the subcontractors and was only paying very small fractions of their due amount.
