Gordon_jared, I have no idea why this was downgraded. “The Fly on the Wall” had no other information. OLN a has short interest as % of Float of 19.23%. Maybe they were hoping it would go down. It seems suspicious to me that the reason for the downgrade was not provided. Also, could you please explain the green bullets?
Yes, I realize that BXG shot up on the announcement. But does Levin really have the votes here? I seem to recall that I read an article that this needs a majority of the minority voting approval. I am unable to find the article, unless it was modified to exclude this. This seems fishy to me especially since we all know Diamond's last bid was never presented to shareholders.
In Levin's own words "We are pleased that BBX Capital has decided to participate in the acquisition of Bluegreen Corp.," Levan stated in a news release. "We believe that Bluegreen is a terrific company with a dynamic management team and we anticipate that over time Bluegreen will generate significant revenues and earnings. BBX's investment will provide it with an opportunity to participate in Bluegreen's results going forward."
BBX's investment in BXG is not an issue for me, as I think the company was already starting to turn around. I'm willing to wait for something better than $10.00. Still voting no.