BOCA RATON: This week’s big timeshare news is that BFC Financial Corporation and Bluegreen Corp. have scrapped their original merger plan and have entered into a definitive agreement for an new all-cash merger instead. Shares of Bluegreen stock took an immediate hike skyward on the news.
In the earlier deal of November 2011, stock holders of Bluegreen were entitled to receive eight shares of BFC class A common stock for each share of Bluegreen common stock.
BFC, through its wholly-owned subsidiary, Woodbridge Holdings, currently owns approximately 54% of Bluegreen’s outstanding Common Stock. Under the terms of the agreement, Woodbridge will acquire the remaining approximate 46% of Bluegreen’s outstanding Common Stock for $10.00 per share in cash (approximately $150 million) in a merger between a wholly-owned subsidiary and Bluegreen. Once the transaction is completed, Bluegreen will become a direct wholly-owned subsidiary of Woodbridge. The all-cash offer represents a 73.6% premium above the 5.76 closing price of Bluegreen’s Common Stock on November 14, 2012.
The merger agreement, which was unanimously approved by a special committee comprised of Bluegreen’s independent directors as well as the boards of directors of both companies, is subject to approval of Bluegreen’s shareholders, Woodbridge obtaining the financing necessary to complete the transaction and the satisfaction of certain other customary closing conditions. Woodbridge plans to fund the acquisition through debt or equity financing, including by issuing up to 46% of the equity interests in Woodbridge and utilizing Bluegreen’s assets. It is currently anticipated that the transaction will be completed promptly after all conditions to closing are satisfied.
ORLANDO: Who would’a thunk it? After all the reporting of CEOs “threatening” their employees with dire consequences if President Obama was re-elected, our own timeshare mogul David Siegel (Westgate Resorts) turned out to be among the least a$$holey. He did NOT fire people (some even got a raise); he will continue to grow his business; etc.
Others, including “Papa John” (who is threatening to cut employee hours so he won’t have to provide them with benefits at all), the owner of a coal mining business often-cited for unsafe conditions, who promptly fired at least 22 miners; and several other jerk-waters too numerous to name, have (IMO) taken advantage of the opportunity to blame Obamacare in order to make more profit for themselves while screwing their employees over. The days of the Robber Barons have returned.
So, King David it’s nice to know that someone in the much maligned timeshare business is actually not the worst of a bad lot of American CEOs.
SARASOTA: Oombaga. Isn’t that a delicious word? I don’t know if that’s a real word or not, but it IS the named of a real company, a “middleware” owner-based mobile application allowing timeshare owners to pay maintenance fees, make reservations and carry out transactions with their resort in real time.
Triton Timeshare Software recently integrated its systems with Oombaga, and for help to to broaden the marketing and business development efforts of both companies, Triton has engaged the services of Locher & Associates, a professional services firm specializing in online customer acquisition and efficiencies, marketing and business development. It would be hard to find a company with stronger creds to do the job.
John Locher, founder of Locher & Associates, has headed up ARDA’s Technology Group for five years and has actively served the industry since 2002. John is a founder of RedWeek.com and formerly its Vice President of Marketing. Prior to RedWeek.com, John was the VP of Marketing and Promotions at Classmates.com, the original social networking site. He formed his new company in 2010.
Think he might know what he’s doing?
WILKES-BARRE: Things seem to be heating up over at the Boycott Sundance Vacations Facebook page. Has war been declared?
On Nov. 9 this was posted:
As of November 8th, 2012, there were 872 members. As of this date (11/9/2012) there are 932 members. That’s a net gain of 60 members in less than 24 hours and it’s only just begun because the page grows exponentially!
Somebody made somebody very angry to generate that much record breaking activity in a 24 hour period, but we love it!
Then, on Nov. 16, there was this:
Japanese Admiral Isoroku Yamamoto is portrayed at the very end of the 1970 film Tora! Tora! Tora!, and in the 2001 film Pearl Harbor, as saying after his attack on Pearl Harbor, “I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve.” An observation articulated by another page manager.
This page has received more than a hundred new members in five days and, for what ever reasons, most are in the legal profession!
If I were the powers that be at Sundance Vacations, that would give me cause for concern.
As of Nov. 16 the page had 994 members. That’s pretty impressive growth!
If you remember, back in October I posted news of a lawsuit filed by Sundance against one Albert Whitehead, apparently part of their ongoing crusade to have that Facebook page removed. I mentioned Wisconsin attorney DeVonna Joy, who has civil cases pending against Sundance and is publicly critiquing the company on the Boycott page. Well, she’s still there posting information and advice, although the buzz on the street says Sundance tried to silence her, too, with a claim that she was essentially illegally advertising her lawyerly services via her comments and a warning for her to cease and desist.
Did Sundance tick off a whole bunch of lawyers? It’s my understanding that Sundance/John Dowd has even begun subpoenaing attorneys; could that have had something to do with the sudden influx of them to that Facebook page?
One of the newest members, for instance, is a woman who served with the Illinois Attorney Generals’ Office as a “Senior Policy Adviser” from 2007 until 2010 and appears to be righteously outraged. Another, who provided a link to the National Association of Consumer Advocates where “there are NACA lawyers waiting for your call”, said “If you want to know why you are expanding, you might check on members who posted recently, and were threatened by sleaze-balls.” Really?
A moderator’s response to that comment said this:
…we are aware of those threats and to whom they were directed because they were briefly posted on this page although the author rescinded the public comments. Our page managers copy every page, every 30 minutes for that very reason; to have a record of all comments, most particularly the deleted comments, because often times they are the result of the “gag” order compliance.
Whatever is going on, it’s sure starting to look ugly (and therefore much more interesting to me, the gatekeeper ). I can’t help but wonder, though, if Sundance has found itself playing a game of “Whac-A-Mole” with the folks at Boycott Sundance Vacations. That’s not a good game to play when the population of moles grows faster than you can whack ‘em.
“If you haven’t got anything nice to say about anybody, come sit next to me.” -Alice Roosevelt Longworth
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