I think we'll see decent but not outstanding numbers driven by the operating cos. Collections have been relatively few this qtr and BB&T paydown could be minimal in an effort to build cash before the merger.
Shares Short (as of May 15, 2014)3: 2.75M
Short Ratio (as of May 15, 2014)3: 2.90
Short % of Float (as of May 15, 20143: 21.10%
Shares Short (prior month): 2.56M
"NLP expects to use some of the availability under the line of credit to fund a portion of the consideration necessary to close the pending merger transaction contemplated by the terms of that certain Agreement and Plan of Merger dated as of February 25, 2014 (the "Merger Agreement") among NTS Merger Parent, LLC, NTS Merger Sub, LLC, NTS Realty Capital, Inc., and NLP. The merger transaction was previously announced by NLP and the Merger Agreement was attached as Exhibit 2.1 of NLP's Current Report on Form 8-K filed with the Securities and Exchange Commission on February 25, 2014."
I learned quite a few years ago what the downside of "betting it all" really is. While I still believe there is unrealized value in BBX/BFCF I've sold 2/3rd's of my position.
For those who might not look it up, here's the balance of the article:
"The property did not go to foreclosure auction because TDM Red Road filed for Chapter 11 reorganization in U.S. Bankruptcy Court in 2012.
Both cases were recently resolved when Bankruptcy Judge Robert A. Mark approved the $5.5 million sale of the property to 7755 Red Road LLC, which is also led by Ruderman. The bankruptcy plan by debtor attorney Geoffrey Aaronson, of Miami, said the buyer is the same ownership group as the seller.
The proceeds from the sale will repay the entire $4.2 million in principal on BBX’s loan. The buyer took out a loan to repay $1.1 million in default interest to BBX."
In the Biz Journal:
"The owner of an industrial building in Hialeah found a buyer to rescue his property from bankruptcy and foreclosure: himself.
Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX), formerly the parent company of BankAtlantic, previously won an $8.2 million foreclosure judgment against TDM Red Road LLC, along with managing member Todd A. Ruderman. It targeted the 26,451-square-foot warehouse on 7.6 acres at 7755 West 4 th Avenue."