| Bluegreen Corporation Completes $60.0 Million Revolving Timeshare Receivables Facility and Bluegreen gets $60M in financing |
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Bluegreen Corporation (NYSE:BXG - News) (Bluegreen), a leading provider of Colorful Places to Live and Play(R), today announced that it has entered into a revolving timeshare receivables hypothecation facility with a syndicate of lenders led by Liberty Bank and assembled by Wellington Financial. The $60 million facility (the New Facility) provides for an 85% advance on eligible receivables pledged under the facility during a two-year period ending in February 2013, subject to customary terms and conditions. Availability under the New Facility is reduced by amounts currently outstanding to certain syndicate participants under Bluegreen(TM)s existing Liberty Bank timeshare receivables facility (the Existing Facility). [Read the full article] As discussions between fund manager Bruce Berkowitz and St. Joe progress, shareholders will need to take a close look at any board election slate to ensure that sustainable, positive change takes place at the beleaguered company. Boards often move at a glacial pace. The pace, that is, at which glaciers moved before global warming. And sometimes that slow pace can get them in trouble. But is six weeks really long enough for a new director to expect major change on a board? Bruce Berkowitz resigned from the St. Joe (JOE) board on Valentine's Day after just six weeks, unhappy because of his inability to create change as a director. Berkowitz told Bloomberg News, "It was clear to us we weren't going to be able to achieve anything further as directors. The only way we can be effective is as shareholders." This isn't the first time Berkowitz has abruptly resigned from a corporate board. Last year, Berkowitz resigned from the White Mountains Insurance Group board with one day notice. [Read the full article] The St. Joe Co. (JOE) has named Bruce Berkowitz chairman of the board, the latest news in the tumultuous fight for power of the Florida real estate firm, CNBC is reporting. The move caps a long struggle between St. Joe and Berkowitz, president and portfolio manager of the Fairholme Fund, the company’s largest shareholder. Berkowitz had agitated for the replacement of St. Joe’s current board, at one point withdrawing his name for consideration. The company also named Charlie Fernandez, Fairholme Capital Management’s president, vice chairman of the board. Sell the company to some “innocent money”, as Buffet called them, oil sheiks and be done with it like the Japanese who bought Pebble Beach. From earnings reports to takeover talk, Stocks to Watch Today provides ongoing commentary and analysis about companies making news. The St. Joe Co. [Read the full article] 
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