Realtor.com and student loans

By Glenn Roberts Jr., Friday, March 7, 2008.

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A shareholder group representing about 6.6 percent of stock in Realtor.com operator Move Inc. wants the company's board to boot CEO Mike Long and CFO Lewis R. Belote III based on a multi-million-dollar investment that the company said last week is currently illiquid (see Inman News report).

The company has about $130 million wrapped up in auction-rate securities issued by student loan financing organizations, according to an earnings announcement last week, and the market for those securities is in a troubled state.

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