Monday, September 28, 2015

News Related To Bluegreen

This story may be of interest to any current or future Bluegreen owners.  Or not, it's up to you to decide.

Thanks to our friends at Inside the Gate for this story which I am passing on unedited.

In a decision that has been anticipated for quite some time, U.S. District Judge Darrin Gayles has given Alan B. Levan 90 days to step down as chairman and CEO of both BBX Capital Corp. and BFC Financial Corp. following a civil fraud judgment. The decision follows a jury trial verdict of securities fraud and accounting fraud against Levan and BBX involving misleading statements made by Levan about the health of development loans at former BBX subsidiary BankAtlantic during an investor conference call in 2007. The judge also hit BBX with a $4.55 million penalty and Levan with a $1.3 million penalty. Once the judge confirmed the verdict, the SEC, which had asked for a permanent ban against Levan, instead won a two-year ban against him serving as an officer or director of a public company. Levan is appealing.

And why should we care? What does it have to do with us here in timeshare land? Because BFC and BBX Capital own 54% and 46% of Woodbridge Holdings, respectively, and Woodbridge owns 100% of Bluegreen Corp., aka Bluegreen Resorts/Bluegreen Vacations.

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