56Chevy, it appears so. The Company is doing Business as Usual, so I only imagine that they will eventually recover, even stronger.
Using the Current Shares as ballast, they seem to be able to right this ship.
BankAtlantic Bancorp, Inc. Announces Completion of Its Rights Offering and Plans to Issue Financial Results for the Second Quarter, 2010
FORT LAUDERDALE, Fla., Jul 22, 2010 (BUSINESS WIRE) -- BankAtlantic Bancorp (NYSE: BBX) today announced that it had completed its previously announced Rights Offering at 5:00 p.m. on July 20, 2010 with approximately $19.7 million of proceeds received in connection with the exercise of rights by its shareholders. As a result, it will be issuing an aggregate of approximately 13.1 million shares of its Class A Common Stock to participating shareholders.
"We are quite pleased with the participation of our shareholders, having purchased approximately 80% of the offer," commented Chairman and Chief Executive Officer, Alan B. Levan.
As previously announced, the proceeds of the Rights Offering will be used for general corporate purposes, including contribution to the capital of, and to support BankAtlantic(R), its wholly-owned bank subsidiary. In fact, BankAtlantic's capital at June 30, 2010 includes $15 million received as of June 30, 2010 in connection with this Rights Offering from BankAtlantic Bancorp.
Additionally, while its financial results are still preliminary, BankAtlantic currently anticipates its June 30, 2010 regulatory capital ratios will not be significantly changed from its March 31, 2010 ratios, as set forth below, and will continue to exceed the defined regulatory well capitalized levels.
Mr. Levan continued, "We are very pleased with the consistency of our capital ratios over the last four years, which are indicated below."
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