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July 1, 2014
16:19 EDTBBXBBX Capital division enters into joint venture agreement with affiliate of Proca
BBX Capital Real Estate, a division of BBX Capital announced it has entered into a joint venture agreement with an affiliate of Procacci Development Corporation. The joint venture has acquired three acres of real estate located at Bayview Drive and Sunrise Boulevard in Fort Lauderdale, Florida. The property is currently improved with an approximate 84,000 square foot office building along with a 7-11 retail store and gas station. The new joint venture entity, Sunrise and Bayview Partners acquired the above described property for approximately $8.0M. The property is a 50% - 50% joint venture between BBX Capital Real Estate and an affiliate of Procacci Development.
News For BBX From The Last 14 Days
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December 16, 2014
05:14 EDTBBXBBX 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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