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Filing Details

Accession Number:: 0000315858-16-000114
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2016-10-04 19:20:23
Reporting Period:: 2016-09-30

Filing Date:: 2016-10-04
Accepted Time:: 2016-10-04 19:20:23
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
315858	Bfc Financial Corp	BFCF/BFCFB	Real Estate (6500)	592022148

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1199943	B Alan Levan	401 East Las Olas Boulevard Suite 800 Fort Lauderdale FL 33301		No	No	Yes	No

Reported Non-Derivative Transactions

Show Other Fields >>

Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock, Par Value $0.01 Per Share	Disposition	2016-09-30	296,742	$3.85	1,922,585	No	4	F	Direct
Class B Common Stock, Par Value $0.01 Per Share	Acquisiton	2016-09-30	398,752	$0.00	2,917,507	No	4	P	Direct
Class B Common Stock, Par Value $0.01 Per Share	Disposition	2016-10-01	81,579	$3.65	2,835,928	No	4	F	Direct
Class B Common Stock, Par Value $0.01 Per Share	Acquisiton	2016-10-01	107,800	$0.00	2,943,728	No	4	P	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	F	Direct
No	4	P	Direct
No	4	F	Direct
No	4	P	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Class A Common Stock, Par Value $0.01 Per Share	5,011,048	Indirect	By Levan Partners, LLC
Class A Common Stock, Par Value $0.01 Per Share	1,270,294	Indirect	By Florida Partners Corporation
Class A Common Stock, Par Value $0.01 Per Share	11,440	Indirect	By spouse
Class A Common Stock, Par Value $0.01 Per Share	12,237	Indirect	By Jarett Levan Children's Trust
Class A Common Stock, Par Value $0.01 Per Share	12,237	Indirect	By Donald Levan Children's Trust
Class A Common Stock, Par Value $0.01 Per Share	12,237	Indirect	By Rachelle Levan Children's Trust
Class B Common Stock, Par Value $0.01 Per Share	1,684,571	Indirect	By Levan BFC Stock Partners, LP
Class B Common Stock, Par Value $0.01 Per Share	707,882	Indirect	By Levan Partners, LLC
Class B Common Stock, Par Value $0.01 Per Share	133,314	Indirect	By Florida Partners Corporation
Class B Common Stock, Par Value $0.01 Per Share	1,200	Indirect	By spouse

Footnotes

Represents shares surrendered to the issuer to satisfy the issuer's tax withholding obligation relating to the vesting on September 30, 2016 of certain previously reported restricted stock awards granted to the reporting person. These shares have been cancelled and retired by the issuer.
Represents the closing price of the issuer's Class A Common Stock on September 29, 2016.
Shares of the issuer's Class B Common Stock are convertible on a share-for-share basis into the issuer's Class A Common Stock at any time in the holder's discretion.
Represents shares received in exchange for 73,843 shares of Class A Common Stock of BBX Capital Corporation in accordance with the Share Exchange Agreement dated September 4, 2015 between the parties pursuant to which, in connection with any option exercised by the issuer thereunder, the reporting person is entitled to receive shares of the issuer's Class A or Class B Common Stock having a market value equal to the market value of the shares of BBX Capital's Class A Common Stock acquired by the issuer upon the option exercise, subject to a maximum of 5.4 shares of the issuer's Class A or Class B Common Stock for each share of BBX Capital's Class A Common Stock. The issuer's board of directors approved the exercise of the issuer's option with respect to the shares of BBX Capital's Class A Common Stock subject to restricted stock units which vested on September 30, 2016 and the issuance of shares of the issuer's Class B Common Stock in exchange therefor.
The closing price of the issuer's Class B Common Stock was $3.65 on each of September 29, 2016 and September 30, 2016. The closing price of BBX Capital's Class A Common Stock on September 29, 2016 and September 30, 2016 was $20.56 and $20.63, respectively. Based on such closing prices, the issuer issued to the reporting person 5.4 shares of the issuer's Class B Common Stock in exchange for each share of BBX Capital's Class A Common Stock received by the issuer on September 30, 2016 and October 1, 2016.
Represents shares surrendered to the issuer to satisfy the issuer's tax withholding obligation relating to the vesting on October 1, 2016 of certain previously reported restricted stock awards granted to the reporting person. These shares have been cancelled and retired by the issuer.
Represents the closing price of the issuer's Class B Common Stock on September 30, 2016.
Represents shares received in exchange for 19,963 shares of BBX Capital's Class A Common Stock pursuant to the Share Exchange Agreement described above. The issuer's board of directors approved the exercise of the issuer's option with respect to the shares of BBX Capital's Class A Common Stock subject to restricted stock units which vested on October 1, 2016 and the issuance of shares of the issuer's Class B Common Stock in exchange therefor.