UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): April 26, 2010
Move, Inc.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction
of incorporation)
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000-26659
(Commission
File Number)
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95-4438337
(IRS Employer
Identification No.) |
910 East Hamilton Avenue
Campbell, California 95008
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (408) 558-3700
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.01 Completion of Acquisition or Disposition of Assets.
On April 26, 2010, Move, Inc. (the “Company”) completed a sale to SecondMarket, Inc., in a riskless
principal transaction, of the Company’s entire portfolio of auction rate securities for
approximately $109.8 million in cash. These auction rate securities (“ARS”) are high-grade
(primarily AAA rated) student loan auction rate securities issued by student loan funding
organizations, which loans are 97% guaranteed under FFELP (Federal Family Education Loan Program).
As reflected in the Company’s annual report on Form 10-K for the period ended December 31, 2009,
filed with the SEC on March 5, 2010 (the “2009 Annual Report”), the Company’s ARS portfolio had a
par value of approximately $129.4 million and had an estimated fair value of approximately $111.8
million. The Company had recognized a temporary loss of approximately $17.6 million that was
included in “Other Comprehensive Income” on the balance sheet of the Company in accordance with
FASB Accounting Standards Codification 320 – “Investments — Debt and Equity Securities” and
related guidance issued by the FASB and SEC, as reflected in the 2009 Annual Report. The Company
will take a charge of approximately $20 million to its consolidated statements of operations for
the quarter ended March 31, 2010. The transaction costs of approximately $1 million associated
with this transaction will be recorded in the quarter ending June 30, 2010.