Where Real Estate Gets Its Dirt

Investors sue MLS-owned Remine

Investors sue MLS-owned Remine, demand payment for shares

“Three shareholders of real estate software company Remine filed a lawsuit against the company Thursday following its acquisition by four multiple listing services.

The investors — Alexander Atwood, Brian de Schepper, and Jonathan Ferris — are demanding their shares be appraised and that Remine pay fair value for them.

What a shit show.

“Remine, a company that in its short history has been plagued by financial troubles, plunging personnel rolls, and a toxic work environment, is now a subsidiary of MLS Technology Holdings LLC, a joint venture owned by four MLSs, that acquired Remine in October 2021.”

Exactly what valuation would you give a company “plagued by financial troubles, plunging personnel rolls, and a toxic work environment“?

“Before its acquisition, Remine had more than 100 private investors and those shareholders rolled forward into MLS Technology Holdings, according to former Remine CEO Mark Schacknies.

When do these other guys start popping out of the woodwork? And what if they are successful? Who pays them?

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