A clear example: It reported that "BBX is hoping to receive a $22 million cash payment from Palm Beach Gardens developer Daniel Catalfumo..." when the 11/14 10-Q clearly states: "...of which $22 million was paid to the Company (BBX) on November 4, 2013.."!
"During the second and third quarters of 2013, Bluegreen paid a total of $38 million in cash dividends to Woodbridge. During the second and third quarters of 2013, Woodbridge declared and paid cash dividends totaling $36.1 million, which were allocated pro rata to BFC and BBX Capital based on their percentage ownership interests in Woodbridge ($19.5 million to BFC and $16.6 million to BBX Capital)."
"... FAR entered into a settlement agreement with a borrower providing for the payment of $23.3 million by a borrower in satisfaction of the borrower’s loan obligations. The recorded investment on these loan obligations was $12.4 million as of September 30, 2013. The agreement requires the borrower to pay the funds to FAR during the fourth quarter of 2013."
"Catalfumo has agreed to pay CAM $30 million in cash plus accrued interest, of which $22 million WAS PAID to the Company on November 4, 2013 and the remaining $8 million payment plus accrued interest is anticipated to be repaid during the fourth quarter of 2013 and is due no later than April 10, 2014. Catalfumo also agreed to transfer to CAM certain properties with an aggregate carrying value of $10.3 million as of September 30, 2013. The receipt by the Company of the $22 million cash payment will result in a gain of approximately $22 million in the 2013 fourth quarter. "
Sorry for the very late response ... I sold most in the 6.75 - 7.30 range. But still hold 15k units. This has been, and still is, a very long term holding for me and we will see higher prices in the future... WHEN is the question! While I wait I enjoy the sweet distributions...
CG: Appreciate your research very much! I too would love to know what all this valuable property has been written down to. L has briefly mentioned it and the "goldmine" BXX was left with. This is why he wants it all!