Closed BXG Trade +2%

I sold out BXG at $9.98 from $9.78 for a small 2% gain. The arbitrage has occurred fully – pricing in approximately zero risk of the deal falling through.

The deal is set to close in April and not a peep out of the SEC or any promising noise from the lawsuit. It appears that one Mister Alan Levan has emerged triumphant in his quest to bankrupt his BBX shareholders by making huge all cash offers for corporations he probably isn’t sufficiently talented to manage.

Monsier Levan makes off with BXG’s MBS captive fund and all its glory. BBX, his equity flagship, continues taking multimillion dollar beatings. Levan’s reputation will be flacked by the SEC until they finally drop all charges (spineless cowards). And everybody eats mud, with the one exception of Al’s personal paycheck (which seems to be the only surviving party here).

Well done, Al…

I pray to whatever darkforces have been unearthed with the unsealing of Ploutonion to murder this deal. Should they answer my call, I will be waiting with cash to buy the knee jerk selloff, heavily. This is such a steal for this company, it’s almost unfair. Especially with the default rate on their property mortgages plummeting to below 6% like they have. And this firesale will barely fill in the whole Levan has left in BBX. The guy is using up all the fresh water to put out the fire he started.

It is absolutely repugnant.