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Form
8-K for
BANKATLANTIC BANCORP INC
7-Jan-2004
Acquisition or Disposition of Assets
Item 2. Acquisition or Disposition of Assets
On December 31, 2003, BankAtlantic Bancorp ("Company")consummated the
spin-off of its wholly owned subsidiary, Levitt Corporation ("Levitt") by
distributing .25 of a share of Levitt Class A Common Stock as a dividend on each
outstanding share of BankAtlantic Bancorp Class A Common Stock and .25 of a
share of Levitt Class B Common Stock as a dividend on each outstanding share of
BankAtlantic Bancorp Class B Common stock. As a result of the spin-off, Levitt
is no longer a wholly owned subsidiary of the Company but is held by the
shareholders of the Company on the same pro rata basis as they currently hold
the Company's shares.
In connection with the spin-off, the Company converted a currently
outstanding $30.0 million demand note owed by Levitt to the Company to a five
year term note with interest only payable monthly initially at the prime rate
and thereafter at the prime rate plus increments of an additional .25% every six
months. The Company transferred its 4.9% ownership interest in Bluegreen
Corporation to Levitt in exchange for a $5.5 million note and additional shares
of Levitt common stock (which additional shares were distributed as part of the
spin-off transaction.) This note is due in one year, with principal and interest
payable monthly. Additionally, on December 15, 2003 Levitt declared an $8.0
million dividend to the Company payable in the form of a five year note with the
same payment terms as the $30.0 million note described above.
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