Homestore sale.Cendant Corp. has begun selling off its stake in online real estate information service Homestore Inc., signaling a possible end to the volatile two-year relationship. In a filing with the Securities and Exchange Commission earlier this month, Cendant said it would sell 2.3 million Homestore shares. That comes on the heels of a sale of 4.4 million shares it handed off to a division of Citigroup last month for prices between $3.33 and $3.40 per share. With the two sales, Cendant reduced its Homestore stake to 9.7 percent from 15.3 percent. The stake could be reduced further if Homestore exercises an option to buy back up to 7.3 million shares from Cendant. Cendant spokesman Elliott Bloom bloom 1. the general appearance of the surface. In carcass meat it is the glistening, transparent effect and the gentle pink color that gives a good bloom to the carcass. It is the result of proper tissue hydration coupled with the correct proportions of fat, connective tissue and declined comment on the sales. Homestore spokeswoman Erin Campbell declined comment on either Cendant's sales or whether Homestore would exercise its option. "(Cendant) is an outside shareholder and we can't comment on their moves," Campbell said. Cendant, franchisor of the Coldwell Banker, Century 21 and ERA residential realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. brands, invested in the Westlake Village-based company 2 1/2 years ago through the sale of Street its partially owned Move.com venture to Homestore for $750 million in restricted stock. But the deal soured sour adj. sour·er, sour·est 1. Having a taste characteristic of that produced by acids; sharp, tart, or tangy. 2. Made acid or rancid by fermentation. 3. later in 2001 when Homestore revealed accounting problems related to inappropriately booked ad revenues that forced it to restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state $122 million in revenues. With the shares tanking at the time, Cendant--which was stuck with the now unsaleable unsaleable Adjective unable to be sold Adj. 1. unsaleable - impossible to sell unsalable unsaleable, unsalable (US) adj → invendible shares--threatened Homestore with a lawsuit for misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. . Cendant was also named as a defendant in a class-action lawsuit against Homestore; it was accused of knowingly getting involved in false ad-barter deals (charges against Cendant were dismissed in March). In August, the two companies reached a settlement in which Homestore would register Cendant's stake, allowing it to sell shares on the open market. Meanwhile Homestore, which had to take a $12 million impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charge and lost $6 million in revenue from canceled contracts with Cendant, has been able to rebuild its credibility. The stock returned to the Nasdaq National Market on Jan. 2, after a year on the Smallcap market. The shares hit a 52-week high of $5.58 each on Jan. 15. As of Jan. 21, the shares closed at $5.27. |
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