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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 22, 2010
BFC FINANCIAL CORPORATION
Florida | 001-09071 | 59-2022148 | ||
(State or other jurisdiction | (Commission | (IRS Employer | ||
of incorporation) | File Number) | Identification No.) |
2100 West Cypress Creek Road, Fort Lauderdale, Florida | 33309 | |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: 954-940-4900
Not applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions (see General Instruction
A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 8.01
Other Events.
As previously disclosed, National Bank of South Carolina (NSBC) commenced foreclosure
proceedings related to property at Tradition Hilton Head which served as collateral for a $25
million loan made by NSBC to Core Communities of South Carolina, LLC (Core SC), a wholly owned
subsidiary of Core Communities, LLC (Core). Core is an indirect wholly owned subsidiary of BFC
Financial Corporation (the Company). Core was secondarily liable to NSBC as a guarantor for the
loan, and Synovus Bank (successor by merger to NSBC) commenced an
action to enforce Cores guarantee. With Cores concurrence, the property which served as collateral for the loan
was placed under the control of a court-appointed receiver. As of September 30, 2010, the book
value of the property reflected on the financial statements of the Company was approximately $35.5
million.
On December 22, 2010, Core and Core SC, on the one hand, and Synovus Bank, on the other hand,
executed agreements, including, without limitation, a Deed in Lieu of Foreclosure Agreement, which
resolved the pending litigation and the foreclosure disputes between them. Pursuant to
the agreements, Core SC transferred to Synovus Bank all of Core
SCs
right, title and interest in and to the property which served as
collateral for the loan as well as certain additional real and
personal property which
had a book value as of September 30, 2010 of approximately
$1.0 million. Subject to certain conditions, Synovus Bank
released Core and Core SC from any claims arising from or relating to the loan.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BFC FINANCIAL CORPORATION |
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Date: December 27, 2010 | By: | /s/ John K. Grelle | ||
John K. Grelle, | ||||
Executive Vice President and Chief Financial Officer |
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