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Bluegreen Corp. Message Board

  • gettuppig gettuppig Mar 1, 2013 12:11 PM Flag

    bfcf selling takes T and Panick

    Cannot find news or info unless bfcf is raising cash for the bxg purchase. its seems like a controlled sale for the past few days or profit taking for the cliff. any takes T or Panick

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    • I would guess it is some profit taking on BFCF. However, need to keep in mind that this is an OTC stock that has some fairly thin volume (about 100,000 daily average) - it does not take a lot to move the price.

      Whatever happens day-to-day on the BFCF price, this stock looks grossly undervalued. Just looking at the 54% ownership of BXG (worth over $168 million at market price) and the 53% ownership of BBX (worth over $68 million at market price), you have over $236 million of of NAV split among 77.16 million BFCF and BFCFB shares. This equates to $3.06 per share, without counting anything else on the BFCF balance sheet (not much else to count).

      No reason this should not be in the mid-to-upper $2 range. ust need to get past some of the messy stuff - BXG transaction, repayment of BBT through successful resolution of BBX assets, settlement of shareholder lawsuits, settlment of SEC suit against Levan, et al. Also would add that once this stuff is out of the way, there is a likely chance they pursue a listing on Nasdaq or NYSE - recall, that was part of the consideration in the original deal for Bluegreen.

    • Probably just profit taking on BFCF. Looks like the BXG deal is going to close in April based on the special meeting -unless of course there is a last minute competing bid.

    • Can't find anything either... just nervous holders w/huge gains, IMHO. Bought a few thou more at 1.70... wish I got those 1.55 shrs!