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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: Anthony@Pacific who wrote (85138)	8/7/2003 10:28:18 AM
From: StockDung	Respond to of 122087

"Among these, Homestore has agreed to register about 18.3 million shares of Homestore common stock that Cendant currently owns." Homestore, Cendant settle dispute By David B. Wilkerson, CBS.MarketWatch.com Last Update: 6:02 PM ET Aug. 6, 2003 SAN FRANCISCO (CBS.MW) -- Online real estate listings provider Homestore Inc. said Wednesday it has settled its dispute with Cendant Corp and some of Cendant's affiliates related to Homestore's acquisition of Cendant's Move.com unit in 2001. Under the deal, New York-based Cendant (CD: news, chart) has agreed not to sue Homestore (HOMS: news, chart). Homestore, based in Westlake Village, Calif., said in early 2002 that it would have to restate its financial results for 2000 and the first three quarters of 2001. Cendant accused Homestore of having misrepresented several facts about its financial condition at the time of its purchase of Cendant's Move.com unit. "While certain defenses may have been available to Homestore, in the near-term and the long-term, Homestore management decided that improving its relationship with Cendant ... was a significant priority and that the use of Homestore's resources in protracted litigation did not benefit customers or shareholders," Homestore said in a statement on its Web site. Wednesday's settlement cancels and replaces several agreements between the companies that they had forged at the time of the Move.com deal. Among these, Homestore has agreed to register about 18.3 million shares of Homestore common stock that Cendant currently owns. Homestore said it will take a one-time, noncash impairment charge of $12.2 million for the second quarter. Shares of Homestore were up 10 cents, or 3 percent, to $3.20 in after-hours trading on the Island ECN. Cendant stock rose 1 cent to close at $16.95. David B. Wilkerson is a reporter for CBS.MarketWatch.com in San Francisco.