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BBX Capital Corporation Message Board

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  • streudel1 streudel1 Nov 11, 2011 4:58 PM Flag

    BuBbaX's Sale May Net Levan & BFC Nothing

    Your numbers and assumptions are at the very least inaccurate, if not suspect.

    The transaction calls for NAV of BBX (at time of closing) + a premium with a max cap amount not to exceed $316 million.

    The NAV, obviously can be skewed from now until closing. This could possibly come via further write-downs and/or changes in Deposits amounts. Again, these possible movements could effect upward or downward. Regarding the premium, it looks to be in the range of $5.38 pps.

    The big question then is what is the NAV of BBX at time of closing, after considering all current variables including possible additional write-downs, or increase/decrease in deposits.

    With all that being said, the pps appears to be $20.03 based on $623 mil of NBV from reatined assets + $23 mil of loans, RE & cash, offset by $333 mil in TruPS obligations. This also assumes such NAV applies 15,626,744 outstanding shares.

    Even with minor adjustments to close, this is a a whale of a deal IF the deal is completed! JMHO

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