Neither BBX nor Levan have deigned to reply to Ridgedale's November 13 letter proposing a win-win solution to address the Levan Discount
In follow-up letter, Ridgedale asserts that instead of addressing shareholder concerns, Levan and BBX have taken actions designed to punish value-oriented shareholders and expand the Levan Discount
LOS ANGELES, Dec. 13, 2018 /PRNewswire/ -- Ridgedale Partners, LLC, a significant shareholder in the common stock of BBX Capital Corporation (BBX), has issued a follow-up letter to Alan B. Levan, Chairman of the Board and Chief Executive Officer of BBX, seeking a response to the specific, accretive proposal outlined in Ridgedale's November letter that would allow the Company to repurchase the Class B Common Stock at an over 50% premium to the market price of the Class A Common Stock.
In the letter, Ridgedale addresses the company's "responses" to date that appear to be blatantly vindictive and hostile towards shareholders, as well as the documented history of management's abrogation of fiduciary duties owed to its investors which drove the structure of Ridgedale's original proposal.
Ridgedale argues in the letter that its actions are a necessary response to Mr. Levan's documented elevation of his own self-interest over BBX constituencies to whom he owes a fiduciary duty.
The full text of the letter can be found at: www.bbxfacts.com
Contact: Liz Rosso 916-900-6728 email@example.com
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