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I purchased this stock right after BFC purchased Bluegreen resorts... .88 They eventually said they would merge BBX Capitol And BFCF together. That has now happened. The name of the stock will be changed to BBX which was on the big boards. The plan is to take the stock to the Nasdaq and make a public company again....this was all made public before Sec sued Alan Levan, he appealed and won. Would have been done already if not for that. Load up gonna be a good ride????
Why is there not any mention of Bluegreen being 140% of budget for the year and the fact that their marketing has expanded into Walmart kiosks... This is a cash cow!!!
/ CORRECTION - BFC Financial Corporation Reports Financial Results for the First Quarter, 2014
BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) (OTCQB: BFCFB) today reported financial results for the quarter ended March 31, 2014. The following table corrects a typographical error in the press release table previously issued on the wire service on May 13, 2014.
Bluegreen's Adjusted EBITDA as of March 31, 2014 was $33.8 million, not $3.8 million as originally noted in the press release table issued on the wire service.
FORT LAUDERDALE, FL--(Marketwired - March 17, 2014) - BFC Financial Corporation ("BFC" or the "Company") (OTCQB: BFCF) reported financial results for the fourth quarter and full year ended December 31, 2013.
Full Year 2013
The Company reported net income attributable to BFC of $29.1 million, or $0.35 per diluted share, for the year ended December 31, 2013, compared to a net income attributable to BFC of $166.0 million, or $2.09 per diluted share, for the year ended December 31, 2012. Net income attributable to BFC for the year ended December 31, 2012 includes a $141.5 million gain from discontinued operations related to the sale of BankAtlantic by BBX Capital Corporation ("BBX Capital") (NYSE: BBX) during July 2012.
Fourth Quarter 2013
The Company reported net income attributable to BFC of $23.7 million, or $0.28 per diluted share, for the quarter ended December 31, 2013, compared to a net loss attributable to BFC of $(15.1) million, or $(0.19) per diluted share, for the quarter ended December 31, 2012.
As of December 31, 2013, BFC had consolidated total assets of $1.4 billion, total equity of $422.4 million, and its book value per share was $2.88.
Net income (loss) attributable to BFC is defined as net income (loss) after non-controlling interests. Under generally accepted accounting principles, the financial statements of the companies in which BFC holds a controlling interest, including BBX Capital and Bluegreen Corporation, are consolidated in the Company's financial statements. At December 31, 2013, BFC had an approximate 52% economic ownership interest in BBX Capital and an approximate 54% economic ownership interest in Woodbridge Holdings, LLC which owns 100% of Bluegreen Corporation and its subsidiaries.
More complete information relating to BFC and its financial results is contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 17, 2014 and is available to view on the SEC's website, www.sec.gov, or on BFC's website, www.BFCFinancial.com. About BFC Financial Corporation:
BFC (OTCQB: BFCF) is a holding company whose principal holdings include controlling interests in BBX Capital Corporation (NYSE: BBX) and Bluegreen Corporation.
As of December 31, 2013, BFC had total consolidated assets of approximately $1.4 billion, shareholders' equity attributable to BFC of approximately $239.4 million, and total consolidated equity of approximately $422.4 million. For more information, visit www.BFCFinancial.com.
About BBX Capital Corporation:
BBX Capital, a New York Stock Exchange listed company (NYSE: BBX), is involved in the acquisition, ownership and management of, and joint ventures and investments in real estate and real estate development projects as well as investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation, have a 46% and 54% respective interest in Bluegreen Corporation; a vacation ownership company with more than 60 owned or managed resorts, 225,000 owners and 5,000 employees.
As of December 31, 2013, BBX Capital had consolidated total assets of $431.1 million, shareholders' equity of $302.4 million, and its book value per share was $19.00.
Not long ago, many banks viewed trust preferred securities (“TPS”) as inexpensive capital, and TPS are on the balance sheets of many bank holding companies today. Now, many of these same companies must raise capital and are finding their TPS an insurmountable impediment.
The reason for this is that TPS, which are considered debt, have priority over common stock upon liquidation. Investors will not invest new equity knowing that it eventually will be used to repay the TPS. This is particularly galling to sophisticated investors, the likely sources of new capital, who have no interest in “bailing out” debt holders. So prospective investors who might otherwise step up are sitting on the sidelines.
For particularly troubled bank holding companies, the failure to raise capital could lead to the failure of the bank subsidiary, leaving little or no value for TPS holders. Faced with thissituation, most debt holders would be motivated to negotiate a discounted payoff. Unfortunately, TPS are different, and negotiations often have proved impossible. To understand why, one must understand how TPS were sold.
To take advantage of a securities registration exemption, many TPS were sold to special purpose entities (“SPEs”) that own pools of assets, usually debt or preferred stocks that provide cash flows. These SPEs, in turn, issued bonds secured by their pools of assets. So, many TPS are owned by SPEs, which in turn have senior and junior bond holders.
Some SPEs have asset managers, who make investment decisions with respect to the SPEs assets. But many SPEs are unmanaged “static pools,” where investment decisions may be made only by the holders of the SPEs bonds. Each SPE has its own set of rules as to when and how decisions may be made. Often, in cases where a security is not in default, decisions must be reached unanimously by senior bond holders or by all bond holders, which is a practical impossibility. Indeed, many SPEs were structured with the intent of prohibiting negotiated settlements; those SPEs have no mechanism for reapportioning the cash flows of their bonds following an asset restructure.
As a result, many distressed bank holding companies seeking to negotiate with TPS holders have found there simply is no one to negotiate with, even in situations where negotiations are so clearly in the best interests of the TPS holders. Tender offers receive no response.
Avoiding bank failure is imperative. Thus, boards of directors who are unable to negotiate with TPS holders have sought ways to raise capital by forcing a reduced payout for TPS holders without their consent.
One approach, completed successfully in Washington in 2010, was the sale by a holding company of its ownership interest in its bank through a bankruptcy process. To do this, the holding company files for bankruptcy and at the same time enters into an agreement with a “stalking horse bidder” to sell the bank. Theholding company then auctions the bank under procedures approved by the bankruptcy court. The bank ultimately is sold to the highest bidder, which likely is the stalking horse bidder. Upon closing, the proceeds from the sale of the bank go to the TPS holders, and the winning bidder recapitalizes the bank.
This type of transaction carries the risk of a run on the bank, as customers may think the holding company bankruptcy means the bank too has failed. For this reason, a well thought out public relations campaign is essential. The holding company should seek court approval for as short an auction process as possible.
A second way to recapitalize a bank without negotiating with TPS holders would be to raise capital at the bank level by selling bank equity to investors. Such a transaction also poses risks,in that if a sufficient ownership interest in the bank is sold it could amount to a breach of the TPS covenant against a sale of all or substantially all of the holding company’s assets unlessthe buyer assumes the TPS obligations. A careful reading of the exact wording of the TPS covenants would be required.
Relief may be on the horizon. Some SP bond holders recently have begun to organize, and there are investors who have acquired TPSwho are willing to negotiate, so it may now be possible to negotiate with at least some TPS holders. This raises the intriguing possibility of a mutually negotiated settlement amongthe holding company, investors and some TPS holders. The negotiated settlement could be enforced against all TPS holders through a prepackaged bankruptcy. The settlement might even give the TPS holders an equity stake in the recapitalized bank, which would be an opportunity to recover in the future some of their lost value.
One thing is certain – TPS will continue to be an impediment to bank holding companies who need to recapitalize their bank subsidiaries, and so long as TPS holders are unwilling or unable to negotiate, companies will continue to seek creative solutions to break the logjam, even if it means deliberately breaching TPScovenants.
The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS.
I realize look1 this is old news but the subject matter surrounding TruPS & recapitalization efforts remains very relevant.
BB&T-BankAtlantic Deal Forbidden
February 28, 2012
On Monday, Judge J. Travis Laster of Delaware Court of Chancery gave his judgement over the lawsuit filed by the investors in the trust-preferred securities (TruPS) debt under the BB&T-BankAtlantic deal. The judge has permanently prohibited the deal under which, BankAtlantic, a wholly owned subsidiary of BankAtlantic Bancorp Inc. , was supposed to sell most of its banking assets to BB&T Corporation (BBT - Analyst Report).
Earlier on November 1, 2011, BB&T announced its plan to acquire BankAtlantic. Under the terms of the deal, the company was supposed to acquire $2.1 billion in loans and $3.3 billion in deposits (90% core and low-cost funds) for $301 million premium, representing 9.05% of the deposits at BankAtlantic on September 30. However, deposit premium may rise or fall depending on the amount of deposits at BankAtlantic prior to the closing of deal, but it will not exceed $315.9 million.
However, BankAtlantic Bancorp’s strategy was to hold on nonperforming and criticized loans worth $623 million and sell off $2.1 billion in assets to BB&T. Moreover, the company has no plans to pay off $289 million in principal TruPS debt owed by the holding company.
Therefore, in November 2011, a group of corporate debt investors of BankAtlantic filed a lawsuit against the firm to stop it from selling its loans, deposits and branches to BB&T. These investors believed that this sale infringes the terms of their creditors’ agreement. Finally, the investors have won the ruling as the judge has permanently forbidden the deal.
Charges Against the Deal
In the first opposition to the deal, the plaintiffs accused both BB&T and BankAtlantic of structuring the transaction in such a way that the acquirer could evade TruPS obligations. They charged the parent company, BankAtlantic Bancorp, of breaching an agreement, stating that the transfer or sale of majority of its assets will not happen without ensuring that the acquirer will also assume TruPS.
However, BB&T’s deal would transfer nearly 83% of BankAtlantic assets, without assuming the TruPS. Hence, the plaintiffs want either TruPS to be included in the agreement or the deal to be blocked.
The plaintiffs also stated that following the closure of the transaction, BankAtlantic Bancorp would become a holding company with no branches and will own large amounts of nonperforming loans and foreclosed real estate assets. Therefore, the company will no longer resemble its present operations.
The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS.
Similar Opposition Before
Earlier in 2010, BankAtlantic faced similar opposition related to its TruPS. At that time, the company had tried to repurchase nearly $230 million of these securities at a discount to boost its capital levels. However, the offer was withdrawn following strong oppositions from certain section of investors.
The judge claimed that the sale of all BankAtlantic’s branches and deposits, along with most of its assets to BB&T would breach the terms of TruPS corporate debt. According to the ruling, the debt should either be repaid or acquire by BB&T.
Therefore, the ruling put forward by the judge warns all bank holding companies not to evade repayment of TruPS debt while selling their banks. However, ruling in favor of BankAtlantic Bancorp would have dissuaded the investors from helping the banks to raise capital with TruPS.
Our Viewpoint
The BB&T-BankAtlantic deal was expected to be highly advantageous to both the companies. For BankAtlantic, the agreement was expected to resolve some of its balance sheet and higher operating expense related problems.
For BB&T, the transaction was expected to enable it to speed up its expansion strategy in Florida region. Also, the deal would have added 78 branches to BB&T’s 64-branch network in Florida region. Besides substantially increasing BB&T’s market share and footprints, the acquisition would have improved the company’s top line over the medium term.
However, the judge should consider investors’ interest and come up with proper solutions to maximize the profits of all the concerned parties.
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Some news on BBX I just pick up some BBX a couple of days a go Not in this yet. If the deal goes theough does shareholders get any moneyh A group of corporate debt investors of BankAtlantic, a wholly-owned subsidiary of BankAtlantic Bancorp Inc. (BBX), filed a lawsuit against the firm to stop it from selling its loans, deposits and branches to BB&T Corporation (BBT). These investors believe that this sale infringes the terms of their creditors’ agreement.
Earlier on November 1, BB&T had announced about its plan to acquire BankAtlantic. Under the terms of the deal, the company would acquire $2.1 billion in loans and $3.3 billion in deposits (90% core and low-cost funds) for $301 million premium, representing 9.05% of the deposits at BankAtlantic on September 30, plus the net asset value of the bank. However, deposit premium could rise or fall, based on the amount of deposits at BankAtlantic prior to the closing of deal, not exceeding $315.9 million. The agreement excludes BankAtlantic's nonperforming and other criticized assets.
Charges Against the Deal
In the first opposition to the deal, the plaintiffs accused both BB&T and BankAtlantic of structuring the transaction in such a way that the acquirer can evade the trust preferred securities (TruPS) obligations. They charged the parent company, BankAtlantic Bancorp, of breaching an agreement, stating that transfer or sale of majority of its assets will not happen without ensuring that the acquirer will also assume TruPS.
However, BB&T deal would transfer nearly 83% of BankAtlantic assets, without assuming TruPS. Hence, the plaintiffs want either TruPS to be included in the agreement or the deal to be blocked.
The plaintiffs also stated that following the closure of the transaction, BankAtlantic Bancorp would become a holding company with no branches and will own a large amount of nonperforming loans and foreclosed real estate assets. Therefore, the company will no longer resemble its present operations.
The lawsuit against BB&T-BankAtlantic transaction was filed in Delaware Chancery Court by Hildene Capital Management and Alesco Preferred Funding. Both Hildene and Alesco are indirect beneficiaries to BankAtlantic’s TruPS.
Similar Opposition Before
Earlier in 2010, BankAtlantic faced similar opposition related to its TruPS. At that time, the company had tried to repurchase nearly $230 million of these securities at a discount to boost its capital levels. However, the offer was withdrawn following strong oppositions from certain section of investors.
Our Viewpoint
The BB&T-BankAtlantic deal will be highly advantageous to both companies. For BankAtlantic, the agreement will likely resolve some of its balance sheet and higher operating expense related problems.
For BB&T, the transaction will allow it to speed up its expansion strategy in Florida region. Also, the deal would add 78 branches to BB&T’s 64 branch network in Florida region. Besides substantially increasing BB&T’s market share and footprints, the acquisition would also improve the company’s top line over the medium term.
However, investors’ interest should also be taken into consideration and a solution that maximizes all the parties profit should be taken.
BB&T currently retains a Zacks #3 Rank, which translates into a short-term ‘Hold’ rating. Considering the fundamentals, we are also maintaining our long-term “Neutral” recommendation on the shares.
This recently has made a real nice move after it gapped up from the .30 range, and now it’s been able to consolidate and chill out in this .60 area. I think the line I drew on the chart is marking a key resistance zone, so a potential break of that could get this to make a second strong move up.
BankAtlantic Awarded for Outstanding Web Design in 2010 1 hours 17 minutes ago - BIZ BusinessWireBankAtlantic, one of the largest financial institutions headquartered in Florida, received numerous international honors in 2010 for superior Web design and development at internationally acclaimed award competitions across the country. Due to BankAtlantic's cutting-edge and innovative Web initiatives, the banking leader was honored at some of the world's most prestigious ceremonies, including: The Interactive Media Awards (IMAs), The WebAwards and The Internet Advertising Competition (IAC).
"BankAtlantic is extremely proud of this international recognition for our Web design," said Jarett Levan, CEO of BankAtlantic. "None of this would have been possible without the commitment and creativity of our marketing team. As a bank, we are constantly working to enhance our Web experience so our customers can conduct their business online in an efficient and effective manner."
Commenting further on what this means for BankAtlantic was Thomas Triozzi, SVP and Director of Marketing at BankAtlantic. "Our team is constantly going above and beyond what it takes to provide a superior online experience for our customers," said Mr. Triozzi. "We strive to make our websites seamless and intuitive so that users can find what they need and navigate along quickly. We are very proud of these recognitions."
Awards won by BankAtlantic for exceptional Web design in 2010 include:
Outstanding Achievement Award in "Blog" for the BankAtlantic Blog Redesign, 2010 Interactive Media Awards (IMAs) Outstanding Achievement Award in "Financial Information" for the BankAtlantic Blog Redesign, 2010 Interactive Media Awards (IMAs) Standard of Excellence Award for BankAtlantic's Online Newsletters, 2010 WebAwards Best Bank Online Campaign Award for the BankAtlantic Online Newsletter, 2010 Internet Advertising Competition (IAC)
To learn more about BankAtlantic's online initiatives, please visit:
www.BankAtlantic.com, www.facebook.com/pages/BankAtlantic, www.twitter.com/BankAtlantic, www.youtube.com/BankAtlantic, www.floridabankblog.com/ and www.bankatlantic.com/VideoRoom.
About BankAtlantic
BankAtlantic, Florida's Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, holiday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts. To learn more about BankAtlantic's products and services, please visit: www.BankAtlantic.com.
BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that involve substantial risks and uncertainties. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein.
SOURCE: BankAtlantic
BankAtlantic Media Relations: Sharon Lyn, 954-940-6383 CorpComm@BankAtlantic.com or Investor Relations: Leo Hinkley, 954-940-5300 investorrelations@bankatlantic.com
BankAtlantic Bancorp Responds to Recent Speculation Date : 12/15/2010 @ 6:15PM Source : Business Wire Stock : (BFCF) Quote : 0.25 0.022 (9.65%) @ 5:00PM
BankAtlantic Bancorp Responds to Recent Speculation Bfc Fin Corp CL A # (USOTC:BFCF) Intraday Stock Chart Today : Wednesday 15 December 2010 BankAtlantic Bancorp, Inc. (NYSE: BBX) (the “Company”) is aware of recent press reports speculating that a large out of state bank is considering expanding into Florida through acquisitions. Some of the news stories have identified BankAtlantic Bancorp as one of the subjects of this reported interest.
BankAtlantic Bancorp’s Chairman and Chief Executive Officer, Alan B. Levan, commented, “It has been BankAtlantic Bancorp’s long-standing practice not to comment or respond to rumors in the marketplace.
“However, we would note that while we have in the past expressed our intention to remain an independent financial institution, we believe it is in our shareholders’ best interest for us to be flexible and open to opportunities as they may be presented. Given the challenges of the current economic environment, we recognize the need to be nimble, prepared and comprehensive in the options we consider. Management continues to aggressively focus on reducing expenses, returning to profitability, evaluating available alternatives to reduce our level of nonperforming assets, and continuing to focus on capital in order to provide BankAtlantic with strategic flexibility.
At September 30, 2010, BankAtlantic’s capital ratios were:
Total risk-based capital of 12.59%. Tier 1 risk-based capital of 10.59%. Core capital of 7.17%. “In addition, as indicated below, BankAtlantic’s capital ratios have been stable over the last four years.
Alan B. Levan, continued, “We are proud to have provided our customers with financial solutions in these difficult times and to have met their banking needs. We plan to continue to work hard to meet our customers’ needs and continue to provide a high level of service, which we believe contributed to BankAtlantic being ranked ‘Highest Customer Satisfaction with Retail Banking in Florida’ by J.D. Power and Associates.”
About BankAtlantic Bancorp: BankAtlantic Bancorp (NYSE: BBX) is a bank holding company and the parent company of BankAtlantic.
About BankAtlantic:
BankAtlantic, Florida’s Most Convenient Bank, is one of the largest financial institutions headquartered in Florida. Via its broad network of community branches and conveniently located ATMs, BankAtlantic provides a full line of personal, small business and commercial banking products and services. BankAtlantic is open 7 days a week and offers extended weekday hours, holiday hours, Online Banking & Bill Pay, a 7-Day Customer Service Center, Change Exchange coin counters, as well as retail and business checking accounts.
For further information, please visit our websites:
www.BankAtlanticBancorp.com
www.BankAtlantic.com
To receive future BankAtlantic Bancorp news releases or announcements directly via Email, please click on the Email Broadcast Sign Up button on our website: www.BankAtlanticBancorp.com.
Except for historical information contained herein, the matters discussed in this press release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and these statements involve substantial risks and uncertainties, including that the Company may not be presented with attractive opportunities, that the Company may continue to incur losses and may not achieve profitability and that actual performance may differ materially from that contemplated, expressed, or implied by the forward-looking statements contained herein.
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