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Topics - ledbetter

#1
Freepgs recently changed my access URL from http://www.freepgs.com/ledbetter/ to http://ledbetter.freepgs.com/ and then set up a redirect.  http://www.freepgs.com/ledbetter/ now redirects to http://ledbetter.freepgs.com/

I am under the impression that search engines do not like redirects and that my Page Rank (and traffic) will drop.

What does everyone else think about this situation?

It would take months to avoid the redirect by changing all the links pointing to my site.