0001193125-14-014523.txt : 201401170001193125-14-014523.hdr.sgml
: 2014011720140117161103ACCESSION
NUMBER:0001193125-14-014523CONFORMED SUBMISSION TYPE:8-KPUBLIC
DOCUMENT COUNT:49CONFORMED PERIOD OF REPORT:20140117ITEM
INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial
Statements and ExhibitsFILED AS OF DATE:20140117DATE AS OF
CHANGE:20140117
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:BFC FINANCIAL CORPCENTRAL
INDEX KEY:0000315858STANDARD INDUSTRIAL CLASSIFICATION:SAVINGS
INSTITUTION, FEDERALLY CHARTERED [6035]IRS NUMBER:592022148STATE OF
INCORPORATION:FLFISCAL YEAR END:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE
NUMBER:001-09071FILM NUMBER:14535262
BUSINESS ADDRESS:STREET 1:401 EAST LAS OLAS BLVDSTREET 2:SUITE
800CITY:FORT LAUDERDALESTATE:FLZIP:33301BUSINESS
PHONE:954-940-4900
MAIL ADDRESS:STREET 1:P.O. BOX 39000CITY:FORT
LAUDERDALESTATE:FLZIP:33303
FORMER COMPANY:FORMER CONFORMED NAME:BANKATLANTIC FINANCIAL
CORPDATE OF NAME CHANGE:19920316
FORMER COMPANY:FORMER CONFORMED NAME:IRE FINANCIAL CORPDATE OF
NAME CHANGE:19880401
8-K1d661832d8k.htmFORM 8-K
FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuantto Section13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January17,
2014
BFC FINANCIAL CORPORATION
(Exact name of registrant as specified in its
charter)
Florida001-0907159-2022148
(State or other jurisdiction(Commission(IRS
Employer
of incorporation)File Number)Identification
No.)
401 East Las Olas Boulevard, Suite 800,
Fort Lauderdale, Florida
33301
(Address of principal executive offices)(Zip
Code)
Registrants telephone number, including area code:
954-940-4900
Not applicable
(Formername or former address, if changed since last
report.)
Check the appropriate box belowif the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions (see General
Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c))
Item7.01 Regulation FD Disclosure.
As previously disclosed, BFC Financial Corporation (BFC) holds a
54% equity interest in Woodbridge Holdings, LLC, which owns 100% of
BluegreenCorporation (Bluegreen). Pursuant to Item7.01 of Form 8-K,
BFC is furnishing the materials attached hereto as Exhibit 99.1
relating to Bluegreen. Such materials have been prepared by
Bluegreen and are to be included in one or morepresentations to be
made by Bluegreen following the filing of this report. Neither BFC
nor Bluegreen undertakes to update the attached presentation
materials.
The information in this report (including Exhibit 99.1) is being
furnished pursuant to Item7.01 of Form 8-K and shall not be deemed
to befiled for purposes of Section18 of the Securities Exchange Act
of 1934 (the Exchange Act) or otherwise subject to the liabilities
of that section, nor shall it be deemed to be incorporated by
reference in any filingunder the Securities Act of 1933 or the
Exchange Act. This report will not be deemed an admission as to the
materiality of any information herein (including Exhibit 99.1).
Item9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit99.1Bluegreen Corporation Presentation Materials
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf bythe undersigned hereunto duly authorized.
BFC FINANCIAL CORPORATION
Date: January 17, 2014
By:/s/ John K. Grelle
John K. Grelle,
Executive Vice President and
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
99.1Bluegreen Corporation Presentation Materials
EX-99.12d661832dex991.htmEX-99.1
EX-99.1
Bluegreen CorporationJanuary 2014Exhibit 99.1
1Statementsinthispresentationmayconstituteforward-lookingstatementsandaremadepursuanttotheSafe
HarborProvisionofthePrivateSecuritiesLitigationReformActof1995.Forwardlookingstatementsarebased
largelyonexpectationsandaresubjecttoanumberofrisksanduncertaintiesincluding,butnotlimitedto,therisks
anduncertaintiesassociatedwitheconomic,creditmarket,competitiveandotherfactorsaffectingtheCompany
anditsoperations,markets,productsandservices;risksrelatingtothemergerwithBFCFinancialCorporation(BFC);theCompanyseffortstoimproveitsliquiditythroughcashsalesandlargerdownpaymentsonfinancedsales
maynotbesuccessful;theperformanceoftheCompanysVOInotesreceivablemaydeteriorate,andtheFICOscore-basedcreditunderwritingstandardsmaynothavetheexpectedeffectsontheperformanceofthe
receivables;theCompanymaynotbeinapositiontodrawdownonitsexistingcreditlinesormaybeunableto
renew,extend,orreplacesuchlinesofcredit;theCompanymayrequirenewcreditlinestoprovideliquidityforits
operations,includingfacilitiestosellorfinanceitsnotesreceivable;theCompanymaynotbeabletosuccessfully
securitizeadditionaltimeshareloansand/orobtainadequatereceivablecreditfacilitiesinthefuture;risksrelatingto
pendingorfuturelitigation,regulatoryproceedings,claimsandassessments;salesandmarketingstrategiesmay
notbesuccessful;marketingcostsmayincreaseandnotresultinincreasedsales;system-widesales,including
salesonbehalfofthirdpartiesandsalestoexistingowners,maynotcontinueatcurrentlevelsortheymay
decrease;fee-basedserviceinitiativesmaynotbesuccessfulandmaynotgroworgenerateprofitsasanticipated;
itmaybenecessaryordesirabletoincreasecapitalexpenditures,therebydecreasingfreecashflow;risksrelated
tootherfinancialtrendsdiscussedinthispresentationincludingthattheCompanymayberequiredtofurther
increaseitsallowanceforloanlossesinthefutureandrecordadditionalimpairmentchargesasaresultofany
suchincrease;sellingandmarketingexpensesasapercentageofsystem-widesalesofVOIs,netmaynotremain
atcurrentlevelsortheymayincrease;andtheCompanysindebtednessmayincreaseinthefuture;andtherisks
andotherfactorsdetailedintheCompanyspreviousSECfilingsandBFCsSECfilings,includingthosecontained
intheRiskFactorssectionsofsuchfilings.NOTE:BluegreenCorporations(Bluegreens)financialstatementsandallamountsderivedfromsuchincludedin
thispresentationarepresentedonBluegreenshistoricalbasisaccounting.Bluegreensfinancialstatementsarealso
includedinBFCFinancialCorporations(BFCs)filingswiththeSecuritiesandExchangeCommission,andcertain
amountsdisclosedthereinwilldifferfromthoseincludedinthispresentationduetotheimpactofcertainpurchase
accountingadjustmentsrecordedbyBFCinconnectionwithitsNovember2009indirectacquisitionof
approximately7.4millionadditionalsharesofBluegreensCommonStock,whichresultedinBFC,indirectly,holding
acontrollinginterestinBluegreen.
2Table of ContentsCompany ProfileHighlightsOur IndustryOur
BusinessLiquidityAppendicesA Other Information
3A leading leisure/hospitality management & marketing
company with desirable vertical integration, focused on the
timeshare industry.Founded in 1966 and entered the timeshare space
in 1994, today Bluegreen is one of the largest timeshare
companies.Bluegreen was publicly-traded from 1985
2013In April 2013,BFC Financial Corporation (OTC: BFCF)
("BFC")completed its previously announced acquisition of Bluegreen
Corporation (the
Merger").BFChadbeenasignificantBluegreenshareholdersince2002 and
the majority shareholder since 2009. As a result of the Merger,
Bluegreen became an indirect, wholly-owned subsidiary of BFC and
BBX Capital Corporation (NYSE: BBX), and ceased to be an SEC
registrant. Core product is the flexible, points-based Bluegreen
Vacation Club.Strong emphasis on customer experience; attractive
demographic profile.This platform supports three source of
revenues:Traditional timeshare businessGrowing fee-based services
businessFinance businessCompany Profile
4HighlightsOperating model features improvements from
historical, capital-intensivetimeshare model: Capital lightbusiness
model that is generating cash from multiple streams:Growing sales
while focusing on marketing efficienciesImproving debt
profileMinimizing capital spendingEstablished FICOscore based
credit underwriting program in December 2008Completed sale of
non-core real estate business (Bluegreen Communities) in May2012
Traditionaltimesharesalesoperationsgeneratesignificantcashsalesandcurrentlyhavehistorically
lowcapitalrequirementsFee-based Services Business:Fee-Based
services sales & marketing commissions Property management,
title, mortgage servicing & other Fee-Based services Finance
business income
5Highlights
(cont.)Generatedfree(1)cashflowof$71millionduringYTDSeptember2013.Increasedcashrealizedwithin30daysofsalefrom24%ofsalesin2008,to54%inYTD
September2013.Thecapital-lightfee-basedservicebusinessmodelgenerated$46millioninpre-taxprofits(2)in
YTDSeptember2013.Receivable-backeddebtdecreased41%to$442millionatSeptember30,2013from$748million
atDecember31,2008.Lines-of-creditandnotespayabledeclined61%to$88millionasofSeptember30,2013from
$223millionasofDecember31,2008.Capitalexpenditures(3)decreasedfrom$188millionin2008to$23millioninYTDSeptember
2013.(1)Cash flow from operating and investing activities(2)Before
corporate overhead and finance profits
(3)Excludesspendingforinventoryobtainedunderjust-in-timefee-basedservicearrangements.
6Highlights
(cont.)Associateheadcountdecreased26%from6,396asof9/30/08to4,747asof9/30/13.Revolvingcreditfacilitiesof$240millionwithavailabilityof$134millionasofDecember31,2013.Recenttransactionsincreditandsecuritizationmarkets(includingMergerfinancingof$75millionand
$110.6millionsecuritization).Unrestrictedcashandequivalentsof$135millionasofSeptember30,2013.SalestoBluegreenVacationClubownersrepresented56%oftotalResortsalesinYTDSeptember
2013,indicatingahighlevelofcustomersatisfactionandprovidingalowercostmarketingchannel.
7System Wide VOI Sales, Net (a)(a) Excludes estimated
uncollectible VOI notes receivable. Includes sales madeon behalf of
fee-based service clients. Income from Continuing Operations(b) ($
in millions)($ in millions)(b) Net of income taxes.Results of
Operations
8Timeshare
Industry2012U.S.Timesharesalesofapproximately$6.9billion(up6%).Highestone-yearsalesgrowthsince2006.Otherparticipantsinclude:Wyndham,Marriott,Starwood,Hilton,Hyatt,Disney,
Diamond,OrangeLakeandSilverleaf.Increasedactivityintheindustryincorporatetransactions,consolidationand
ongoingaffiliationthroughFee-BasedServicearrangements.
9Why not just rent?Hotel Room vs. Timeshare Vacation Home
Typical Hotel RoomTypical Bluegreen Vacation VillaLifetime
BudgetLifetime Budget
10Bluegreen VacationsVacation Ownership Interests (real estate)
sold through points-based Bluegreen Vacation Club.More than 176,000
owners in the Bluegreen Vacation Club and over 237,000 owners under
management as of September 30, 2013.64 in-network resorts. Access
to 23 Shell Vacation Club Resorts through Select
Connectionspartnership.Access to 21 Raintree Vacation Club Resorts
through Prizzma.In January 2013, Bluegreen Vacations was named the
Official Vacation Ownership Provider of Choice Hotels.
11Bluegreen Vacation ClubVacation Ownership with Flexibility,
Quality and ValueSince 1994Owners get the flexibilityof a
points-based reservation system, not an internal exchange.Note: All
subject to terms and conditions of the Bluegreen Vacation Club.
12Bluegreen Vacation Club Resorts
13Mountain Run at Boyne, Boyne Falls MichiganClub 36,
Las Vegas, NevadaGrande Villas at World Golf Village, St.
Augustine,Florida The Fountains, Orlando,
FloridaBluegreen Vacation Club Resorts
14La Cabana , Oranjestad, ArubaThe Club at Big Bear,
Big Bear lake, CaliforniaWilderness Club at Big Cedar,
Ridgedale, MissouriShenandoah Crossing, Gordonsville,
VirginaBluegreen Vacation Club Resorts
15
Average income: $75,000 -$80,000
Age: 44-55
Marital Status: Married
Number of persons per vacation ownership trip: 2.8
Number of nights per stay: 4.3Typical Bluegreen Owner
16Bluegreen Sales Centers
17Experienced Direct MarketerOver 161,000 Sales ToursIn YTD
September 2013 Approximately 28,500 SalesIn YTD September 201317.7%
Conversion
18Selling and Marketing Expenses
19Fee-Based Services
We provide various timeshare services and product offerings for
third-partyproperty owners/developers, lenders and investors.
Services are based on Bluegreens core competencies in:
Sales & Marketing
Property Management
Risk Management
Title & Escrow
Design & Development
Mortgage Servicing
Allows third-party property owners/developers to benefit from
the BluegreenVacation Club product and sales distribution
platform.
Two types of Sales & Marketing Arrangements:
Commission-Based
Just-in-Time
Cash business, which requires little, if any, capital
expenditure/debt byBluegreen. Expands the offerings of the
Bluegreen Vacation Club.
20Fee-Based Services-Sales($ in millions)
21Other Fee-Based Services($ in millions)
22Fee-Based Services-Profits($ in millions)
23Provides seller-financing to FICOscore credit qualified
Bluegreen timeshare customers to facilitate sales and earn net
interest profits.In-house servicing of all Bluegreen receivables
and certain fee-based service clients; centralized at our Boca
Raton, FL headquarters.Bluegreen has been servicing loans for over
20 years. Our Mortgage management team has a combined 159 years of
servicing experience, with an average tenure of 15 years with
Bluegreen.Resorts Notes Receivable Outstanding (update) ($ in
millions)Finance Business
24($ in millions)Finance Operations Net Interest Spread
25Bluegreen Resorts Credit Underwriting Standards(FICO Scores at
time ofOrigination)
300-499300-574500-599575-599300-850600-850600-8503003504004505005506006507007508008501994
-12/14/0812/15/08 -12/31/091/1/10 +10% Down Payment20% Down
Payment100% Cash OnlyMinimum Down Payments*:* Excludes individuals
with no FICOscore, for which there are separate down payment
criteria.
26Bluegreen ResortsFICOProfile (a)(a) Percentage of portfolio
outstanding at 12/31/10 originated in the2008-2010 periods by FICO
strata (12/31/11 for 2011 originated loans,12/31/12 for 2012
originated loans and 09/30/13 for YTDSeptember 2013 originated
loans), excluding foreign obligors and other No FICOloans in 2009
September 2013, which were less than 1.5% in 2009 and 2010, and3%
in 2011, 2012 and YTD September 2013. 2008 assumes strata for 10%
of loans outstanding at 12/31/10, forwhich no FICO score was
obtained. Based on most recent FICOscore in Bluegreens files for
each obligor.
27Original Portfolio Statistics(1)Loans without a FICOscore are
removed. FICOis at the time of sale. Excluding loans paid in full
within 6 months from origination. VOI RATES & TERMSNEW OBLIGORS
with a FICOSCORE of 600 EFFECTIVE 11/01/08Int. Ratew/o DownPayment
Int. Rate Auto-Debit Max Term10%16.99%*17.99% 10 years 20% 15.99%*
16.99% 10 years10%15.99%*16.99% 3/5/7 years 50%9.99%9.99% 1 year
InterestRates *In the event a borrower goes off of pre-authorized
checking, theinterest rate will increase by 1%. VOI LoansYTD
9/30/13 Weighted Average FICO(Highest Obligor)705(1)Weighted
Average Interest Rate 16.5%
28Typical Collection Process -VOI10 Days Telephone contact
generally initiated on delinquent accounts when an account is as
few as 10 days past due30Days
Lettermailedadvisingtheborrower(ifaU.S.resident)thatiftheloanis
notbroughtcurrent,thedelinquencywillbereportedtothecreditreportingagencies
(telephonecontactcontinues)60 Days Lock-outletter mailed, return
receipt requested and regular mail, advising that the borrower
cannot use any accommodations until the delinquency is cured
(telephone contact continues) 90Days
NoticeofIntenttoCancelMembershipmailed,returnreceiptrequested
andregularmail,whichinformstheborrowerthatunlessthedelinquencyiscured
within30days,theborrowerwillforfeitownership(telephonecontactcontinues)Approximately
120 Days Termination letter mailed, return receipt requested and
regular mail, advising the borrower that the owners beneficial
rights in theBluegreen Vacation Club have been terminated and loan
is defaulted The VOI is placed back into inventory for resale to a
new purchaser
29VOI Portfolio Dynamics* In the event a borrower goes off of
pre-authorized checking, the interest ratewill increase by 1%.
Unlike floating rate residential mortgage loans (many ofwhich have
teaserrates), the monthly payment for Bluegreens borrowers does not
change over the life of the loan.*The average monthly payment
(approximately $200) for Bluegreens borrowers is much less than a
typical mortgage payment.Geographical diversity of obligors, few
foreign obligors. Bluegreens VOI collections team has an average of
16 years ofcollections experience. Our collectors are incentivized
through aperformance-based compensation program.Bluegreen
implemented FICOscore-based credit requirements on 12/15/08 and
further raised such guidelines on 1/1/10.
30Each sale facility/securitization/hypothecation has a
separate, dedicated lockbox.There is a daily automated, repetitive
wire to the paying agent/lender for each sale
facility/securitization/hypothecation.Banking Partners in
currentsecuritizations: Lock Box Bank of AmericaPaying Agent &
Indenture Trustee U.S. BankBluegreen VOI Loan Payment MethodsAs of
December 2013PAC/ACH/Automated90.4%Coupon Book9.6%Total100.0%
31Bluegreen VOI Delinquency Performance(1)Excludes introductory
productsNote: Loans are generally defaulted, and therefore no
longer included indelinquency, after 120 days. (1)
32Portfolio Performance(1)(1)Excludes introductory
products(2)Comparescumulativedefaultsthroughtheendoftheperiodwhichis48monthsafterthebeginningofeachorigination
yearlisted.Comparisonismadebetweenoriginationyear2008(whichwasthelastyearthatloanswereoriginatedwith
noFICO-basedcreditunderwritingstandards)tooriginationyear2010(thefirstyearofthecurrentFICO-basedcredit
underwritingstandards).Percentage of outstanding loansPercentage of
outstandingprincipal balance over 30 days past dueOriginations
Pre-12/15/08(loans not credit scored at
origination)37.6%4.20%Originations12/15/08
12/31/2013(loansmustmeetminimumFICOrequirementof500
from12/15/2008
12/31/2009;575thereafter)62.4%3.22%Total100%3.59%Non-Scored vs.
Credit Scored VOI Defaults at 48 months(2)Percentage defaultedLoans
originated 1/1/08
12/14/0823.86% (as of 12/31/11)Loans originated 1/1/10
12/31/1013.27% (as of 12/31/13)VOI Delinquency Breakdown: As of
December 31, 2013Note: Loans are generally defaulted, and therefore
no longer included indelinquency, after 120 days.
33Bluegreens Previous Receivables Purchase Facilities and Term
SecuritizationsThere has never been a principal or interest payment
delinquency or default underany of these facilities. Purchase
Facility/Term SecuritizationNote Amount1998 GE Purchase
Facility$100.0 MM2000 GE Purchase Facility$ 90.0 MM2001-A ING
Purchase Facility$125.0 MM2002-A Term Securitization$170.2 MM2004-A
GE Purchase Facility$ 38.6 MM2004-B Term Securitization$156.6 MM
2004-C BB&T Purchase Facility$140.0 MM2005-A Term
Securitization$203.8 MM2006-A GE Purchase Facility$125.0 MM2006-B
Term Securitization$139.2 MM2007-A Term Securitization$177.0
MM2008-A Term Securitization$ 60.0 MM BXG Legacy 2010
Securitization $ 27.0 MM2010-A TermSecuritization $107.6 MMQuorum
Federal Credit Union Purchase Facility $ 30.0 MM2012-A Term
Securitization $100.0 MM2013-A Term Securitization$110.6 MM2013
BB&T/DZ Bank Purchase Facility$ 80.0 MMTotal$ 2.0 Billion
34Liquidity: Cash Flow Activities($ in millions)2010201120129
Mos 9/20129 Mos 9/2013Cash Flow provided by operating
activities$164$167$168$115$80Cash Flow provided by (used in)
investing activities(6)(4)2223(9)Cash Flow used in financing
activities(156)(154)(117)(119)(90)Net increase (decrease) in cash
and cash equivalents$2$9$73$19$(19)Ending unrestricted cash
balance$72$81$154$100$135
35Revolving Credit Facilities($ in thousands)December 31,
2013A.Non-recourse (except for representations and warranties).
B.Amount outstanding includes $4.2 million from an associated
inventory loan withsame lender. Lender Type Facility AmountAmount
OutstandingAmount AvailableRevolving Advance Period
ExpirationMaturityBB&T/DZ BankReceivables Purchase
Facility12/17/201412/17/2017$80,000 -------$80,000(A) Quorum
Receivables Purchase
Facility3/31/201412/30/203030,00023,7756,225(A) Liberty Receivable
Hypothecation
Facility11/30/201511/30/201850,00019,75630,244CapitalSource
Receivable Hypothecation
Facility9/20/20169/20/201940,00024,85115,149(B) NBA Receivable
Hypothecation Facility 10/10/20154/10/202130,00028,5051,495NBA
Inventory Facility 12/13/201612/13/201810,0009,544456$240,000
$133,569
36Contractual Debt Maturities As of September 30, 2013 ($ in
millions)(A) Net of Legacy DiscountLess Than 1-3 4-5After 5Debt1
Year Years Years Years BalanceReceivable Backed Notes (Recourse)
$-$3 $18 $35(A)$56 Lines of Credit & Notes Payable 824213588Jr
Subordinated Debentures---111111Subtotal Recourse Debt
82739181255Non-Recourse Receivable Backed Notes -5 -381386Total $8
$32 $39 $562 $641
37Balance Sheet($ in thousands)September 30, 2013 December 31,
2012 Assets(unaudited)Cash and cash equivalents,unrestricted $
134,681 $ 153,662 Cash and cash equivalents,
restricted84,69854,335Notes receivable, net470,198480,865Inventory,
net266,346274,006Property and equipment, net72,50868,975Prepaid
Expenses and Other assets62,66247,799Total assets$1,091,093
$1,079,642
38Balance Sheet (cont.)($ in
thousands)(a)Reflectspaymentstopublicshareholdersof$89.2millioninconnectionwiththeMergerandpaymentof$38millionofdividends.
September 30, 2013 December 31, 2012Liabilities and Shareholders
Equity (unaudited) Accounts payable & accruedliabilities $
81,990
$ 81,970Deferred income 31,912 27,679 Deferred income taxes
66,303 42,663 Receivable - backed debt : Non-recourse 385,752
356,015 Recourse 56,100 89,640 Lines-of-credit and notes payable
88,445 21,551 Junior subordinated debentures 110,827 110,827 Total
liabilities 821,329 730,345 Non-controlling interest 48,060 37,919
Bluegreen shareholders equity (a) 221,704 311,378 Total
shareholders equity 269,764349,297Total liabilities and
shareholders equity $1,091,093 $ 1,079,642
39Income Statements($ in millions)(a)Unaudited(b)Sales of
Bluegreen's inventory only, net of estimated uncollectible VOI
notesreceivable. Nine Months Ended(a) Year Ended 9/2013
9/20122012201Sales of VOIs(b) $197$152$208$16Fee-based sales
commission revenue 7466887Other fee-based services revenue
6157757Interest income and other 636687939634145840Cost of VOIs
sold 3531404Cost of other resort fee-based services 3835465Selling,
general and administrative expenses 22317924719Interest expense
2933425Other expense, net ---32427837534Pre-tax income from
continuing operations 7162835Provision for income taxes
2422292Income from continuing operations $47$40$54$3
40Appendix A: Other Information
41BFC and BBXs Ownership History of Bluegreen$10.00 per share
cash1 Share of Bluegreen4/200238%2002-2009 dilution to
28%11/200952%2012 seeking to go to 100% for $10.00 per share
cash5/2002Chairman Vice
ChairmanKQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!M`0$!`0````````$"`P0%!@)/^AAUC_P-E_^*IOCH_\`M%;^(>?\`F(W'_HUJQ`:^UI4H.$=%L?%5JDU.6KW-X>+O$G_0P:Q_X&R?_%4XM>+O$G_0P:O\`^!LG_P`56`*(]:N$E#(B2:A.%)]1A^WB%J9TN$8[BL7#+G@Y+9S]`!].E)?$'FJ-AA?59=P.`=P(;!'/%4D\1^-WD=;?Q=KKB.(L0=3FSN#M="-V>GX?K4GA>;[193'+[`Y"AVW%1UQ^I_.L?4XIC=7+VR,6A+2,Z_\`+,`]M2>U#U?*HG9]62HJIS:L])\(^(/%,+7=KK6OZS]JB=4P;Z21TRN0=N2I&,G))M/'2J?Q`\?Z[`MMI^EZ_JCWS$EV@NY59,GA2`WWCZ8XKD?`FB:GXBOFEN+C4%MTY"&G:W#L\I'15`'+>YX`Y^OT#X>L=&T7[&+;19K*ZO6**9H"9GQDDLQR2/4MYP,CUKMC5@H*%E?Y'EJA4YW)O3YGB^F+\6M24&VU'Q2JGHTVH2Q#_P`>&O%T/5=2R?6[D(_+-.SUIP*[/K5I)=#-W?4QKZ]UM(V==:MU,'':Z?_`!KQ:7QMXLDU&^EA\3:XT0,@;O7->H?$#7(-&T6P@L7MM)"6VGHI^T3'B5L#../7FN0L-:FO+Q+"$20P328>M4;F^+[JW344L]"BDFG?JTN,_\`UOJ:G$UH*%]EZ'73IR3[FY)XMB\4W2^99^+-9;/(_TR3'TX(_G64GQ"\5Z?!+#MXE0L%2]=QP#SD-DMCVK/O8=49Q8WB[\!>@+8SQCI@'@DG/\`C6TNIKX=MIYA:J^G(A0IG#G&-V6SMTP&(P,D\?7YS&YE*LTH6\K'H4L-R;E?3H_&L]DM];^(=3:>M3PWK'BN_N-6O8IM-/DT[^TYHK6&_@DMG$(`VL'`)(Z]4_&MJ-^1MV`-QJGABMY^R(NYY+&Y2Y*Q7;@^W%`'G/QWS_9?@?*+SKML``3TKAOB%#]J_:JT2WD+*KK;C*O@_=;VMKT?XC:)K'BK2O#C6MLJ/8:K#=S":X3!C7N,?RKS7X@W`MOVJ-$G6*:X"I;L(MX0&=OE;@`D>GK0
