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November 28, 2012
09:25 EDTBXG, BFCF, BBXBBX Capital plans to participate in BFC's proposed acquisition of Bluegreen
BBX Capital Corporation (BBX) and BFC Financial Corporation (BFCF) announced that BBX Capital plans to participate in the funding of BFC's recently announced acquisition of Bluegreen Corporation (BXG). BFC, through its wholly-owned subsidiary, Woodbridge Holdings currently owns approximately 54% of Bluegreen's outstanding Common Stock and, as recently announced, has entered into an agreement with Bluegreen pursuant to which Bluegreen will merge with a subsidiary of Woodbridge and the shareholders of Bluegreen will receive $10 per share in cash. Upon consummation of the transaction, Bluegreen will become a direct wholly-owned subsidiary of Woodbridge. BBX Capital's board, after receipt of a recommendation of a special committee of independent directors, approved plans to provide equity of approximately $60M in cash to Woodbridge and to execute a promissory note in Woodbridge's favor in the principal amount of approximately $11.75M. In return, BBX will receive an approximate 46% common equity interest in Woodbridge.
News For BBX;BFCF;BXG From The Last 14 Days
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December 16, 2014
05:14 EDTBBX, BFCFBBX Capital, BFC Financial announce termination of merger
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05:13 EDTBBXBBX provides statement on verdict BFC Financial Corp.
BBX Capital announced that, following a six week trial in federal court in Miami, a jury rendered a split decision in a federal securities case brought against BBX and its Chairman, Alan Levan. The issues in the case arose out of loan losses reported by BankAtlantic in October 2007, driven by the dramatic collapse of the Florida real estate market. The jury found in favor of BBX and Levan with respect to all of its disclosures preceding the market collapse except for three sentences uttered by Alan Levan in BBX's lengthy July 25, 2007 earnings conference call. With respect to that conference call, prior to the jury's deliberations, the judge instructed the jury that the three sentences were "objectively false," a conclusion vigorously disputed by BBX and Levan. BBX noted that the identical jury instruction was given in the private securities litigation which preceded this case. After enduring a similar jury outcome, BBX and Levan ultimately prevailed in that case. The jury also found that BBX made a decision to sell loans in the fourth quarter of 2007 and thereafter failed to treat those loans as "held for sale" rather than "held for investment. BBX also noted that some news stories following the verdict have misconstrued the form of verdict. The SEC prevailed on a single disclosure issue -- the three sentences in the July 2007 conference call -- that is repeated in a series of essentially similar questions. The SEC also prevailed on a single held for sale issue that is repeated in a series of similar questions. The company and Levan will file motions to enter judgment in their favor on all counts and if these motions are denied will bring the issues to the 11th Circuit Court of Appeals in Atlanta.

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