Move investor D3 wants company to start big share repurchase program

By Lisa Kerner

Charlotte, N.C., May 4 - Investors led by D3 Family Fund, LP asked Move, Inc. to commit to "an immediate and continuing substantial share repurchase program and to take other actions regarding its capital structure and investment in auction rate securities," according to a schedule 13D/A filed on Monday with the Securities and Exchange Commission.

The request was made in a May 4 letter to Move chairman Joe F. Hanauer and chief executive officer Steve Berkowitz included in the filing.

"Thanks to the tremendous progress you've made at Move, you now have the opportunity, perhaps even a fiduciary obligation, to address Move's 'crazy aunt in the attic:' Move's share count, its potential impact on earnings per share, and on the share price," the letter said.

D3 Family Fund and its affiliates beneficially own 28,155,339 shares or 18.4% of the Westlake Village, Calif., internet real estate listing company.

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