i just installed the latest version of format factory and mcafee keeps telling me there is Adaware BD-Search found. Is it a false positive or what?

This is a Potentially Unwanted Program (PUP) detection. It is not a virus or trojan. PUPs are any piece of software which a reasonably security-or privacy-minded computer user may want to be informed of.
http://vil.nai.com/vil/content/v_133287.htm

Considering that FormatFactory is a widely used tool, recommended by experts without reservations, if you got it from its official site and not from a dodgy source, it is highly unlikely that it contains any malware. Furthermore, Softpedia carries for it its usual certification of “No spyware, no adware, no viruses”.

Nevertheless, for your sake, I downloaded the zipped installer and scanned it with 3 leading anti-spyware tools, without anything found. However, I have not installed it.

Consequently, if you are sure about the tool’s source, you can report the matter to McAfee and if it’s a false positive, they should put it right in a following AV update.

wrong forum. viri questions are addressed in the security forum