Move Inc., Realtor.com Investors Upset Over Failed Investment In Federally Backed Student Loan Auction-Rate Securities

The D3 Family Funds (Camas, Wash.), a shareholder group of Realtor.com operator Move Inc. is seeking for the dismissal of Move’s CEO Mike Long and CFO Lewis R. Belote III over a $129.9 million securities investment from student loan financing groups that has not performed as anticipated.

The
auction-rate securities market features investments in municipal or corporate bonds which have long-term maturity and interest rates established through an auction. Because of recent failures in the market, Move’s investment in federally supported student loan auction-rate securities has not performed as anticipated.

While D3 Family Funds are not concerned about the financial status of Move Inc. or their current business plans with Realtor.com, they are concerned with the company’s choice to invest about 74 percent of the company’s liquid assets in a riskier short term investment like auction-rate cash, because they claim that money could have been used to more safely build the company with long-term investments. Even after reporting over $5 million in revenue increases from 2007-2008, the company still reported a $4 million loss for all of 2007, and a $5.3 million fourth-quarter loss that same year.

In November of 2005, private equity group
Elevation Partners (including team members Fred Anderson, former EVP and CFO for Apple and U2 front man, Bono) announced a stock investment of $100 million in Move Inc. As of this announcement in early March, Elevation Partners had no comment.

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