Attached files
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| 8-K - BLUEGREEN VACATIONS CORP | i00048_bxg-8k.htm |
Statements in this presentation may constitute forward looking statements and are made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Forward looking statements are based largely on expectations and are subject to a number of risks and uncertainties including but not limited to the risks and uncertainties associated with economic, credit market, competitive and other factors affecting the Company and its operations, markets, products and services, as well as the risk that the Company may not be able to refinance or restructure outstanding debt; the Company’s strategic initiatives are not maintained successfully, do not have the expected impact on the Company’s financial position, results or operations, liquidity, and credit prospects; the performance of the Company’s vacation ownership notes receivable may continue to deteriorate in the future; the Company may not be in a position to draw down on its existing credit lines or may be unable to renew, extend or replace such lines of credit; the Company may require new credit lines to provide liquidity for its operations, including facilities to sell or finance its notes receivable; the Company may not be able to obtain or diversify its liquidity sources; the Company many not be able to successfully securitize additional timeshare loans or obtain adequate receivable-backed credit facilities in the future; real estate inventories, notes receivable, retained interests in notes receivable sold or other assets will be determined to be impaired in the future; risks relating to pending or future litigation, claims and assessments; sales and marketing strategies related to Resorts and Communities properties may not be successful; retail prices and homesite yields for Communities properties may be below the Company’s estimates; marketing costs will increase and not result in increased sales; sales to existing owners will not continue at current levels; fee-based service initiatives may not be successful; deferred sales may not be recognized to the extent or at the time anticipated; consolidation of special-purpose finance entities will result in different adjustments and charges than anticipated; and the risks and other factors detailed in the Company’s SEC filings, including its most recent Annual Report on Form 10-K filed on March 31, 2010 and Form 10-Q filed on November 10, 2010.
Safe Harbor
Leading international leisure/hospitality management & marketing
company.
4TH
Largest (1)
publicly-held timeshare operator with desirable vertical
integration.
Flexible Vacation Club product with broad national footprint, which
diversifies risk.
Strong emphasis on customer experience.
Attractive demographic profile.
Successfully executing core strategy of growing its base of recurring,
Fee-Based
Service revenues.
Experienced management team, successfully navigating the recent
recession/credit
crisis.
In 2009, improved operating/investing cash flows by $275.6 million.
Company Profile
(1) Based on VOI Sales
Bluegreen Resorts
Vacation Ownership Interests sold through
real-estate based Bluegreen Vacation
Club®
More than 160,000 owners in the Bluegreen
Vacation Club
56 in-network resorts, near “drive-to”
vacation destinations and Aruba
Access to 21 Shell Vacations Club Resorts
through “Select Connections”
partnership
Bluegreen Vacation Club
Vacation Ownership with Flexibility, Quality and Value
Owners get the flexibility of stays at any of 56 in-network resorts a points-based
reservation system, not an internal exchange.
Owners receive an annual or biennial allotment of vacation points that are used as
internal “currency” for vacation lodging.
While Owners hold a beneficial ownership in a deeded real estate timeshare interest in
a
specific resort (held in trust on their behalf), that resort is irrelevant to their use rights
beyond the number of vacation points
associated with that timeshare interest.
Reservations can be for
as little as two nights. Every resort, every season, every unit size and
every day of the week has a set
“cost” denominated in points.
No per-stay charges.
Ability to use additional “Bonus Time” nights for cash, if so desired.
Owners can also access over 4,000 participating timeshare resorts in over 100
countries through Resort
Condominiums International, LLC, the world’s largest timeshare exchange network.
Through Bluegreen’s Traveler Plus program, Owners receive access to discount
vacation benefits
including hotels, rental cars and cruises. Owners can also use their vacation points for certain of these
benefits. Owners receive the first year of Traveler Plus with their membership and then can renew
annually for an additional fee.
Quality vacation experiences in spacious, fully appointed accommodations in a
wide variety of
destinations to suit Owners’ desires. A variety of unit sizes allow Owners to only “spend” the
amount
of points they need for their space needs on a particular vacation – studios up to five bedroom homes.
Strong value proposition, as timeshare interests in the Club are owned in
perpetuity and the typical
purchase price generally reflects a fraction of what Owners have already determined to be their lifetime
lodging expenditure.
Bluegreen Vacation Club
Vacation Ownership with Flexibility, Quality and Value (cont.)
Benefits for Bluegreen Vacation Club Owners
FREEDOM & FLEXIBILITY: “It’s
freedom, it’s
flexibility; it’s very
affordable!”
— Sheri L.
CUSTOMER SERVICE: “All we have
to do is call Bluegreen and
they set
everything up for us.”
— The Davis Family
CLUB BENEFITS: “We purchased
Bluegreen Ownership because we
get so many options.”
— The
Alvarado Family
Hotel Room vs. Timeshare Vacation Home
Typical Hotel Room
Typical Bluegreen Resort Villa
1 Bedroom
1 Bathroom
400 Sq. Ft.
2 Bedrooms
2 Bathrooms
Living Area
Full Kitchen
Washer/Dryer
1,100+ Sq. Ft.
Unique Club
Configuration
Bluegreen Vacation Club-
‘Trust’ architecture allows
for the retention of
voting
rights once inventory is
sold, perpetual
management control, and
allows for recovery of the
underlying collateral
for
non-performing consumer
loans or assessments
without necessity of
judicial foreclosure
process.
Purchaser
Bluegreen
Vacation
Club Trust
1.
Promissory Note
2.
Deed To Timeshare
3.
Mortgage
4.
Owner Beneficiary Rights
1
2
3
4
Advantages of Vacation Club to Bluegreen
Distribution Channel – Not limited to typical constraints of selling real estate at a
single site location. Instead, through the Club any approved inventory can be
sold at most of our sales
offices.
Long-term relationship with customer – Our agreement to manage the Club
enables us
to ensure a consistent service experience for our owners in addition
to providing us with a recurring management
fee.
Long-term relationship with resorts – The property management agreements we
have with homeowners’ associations in Club resorts allows us to ensure that
owners receive consistent high
quality vacation experiences at all of our resorts.
Similar to the vacation club management agreement, our property
management
agreements also provide us with a recurring source of cash-based income.
The typical sales objections regarding inventory mix are reduced by
allowing the sales team to focus on the Club structure and the
network of
resort opportunities and not just a single site location.
Based on consumers being geographically diverse, regional credit risk in
the Bluegreen mortgage portfolio is mitigated.
Sales team quality and career paths are enhanced due to continuance of
sales beyond typical sellout.
Advantages of Vacation Club to Bluegreen (cont)
Bluegreen Resorts
Mountain Run at Boyne, Boyne Falls Michigan
Club 36, Las Vegas, Nevada
Grande Villas at World Golf Village, St. Augustine, Florida
The Fountains, Orlando, Florida
Bluegreen Resorts
La Cabana, Oranjestad, Aruba
MountainLoft, Gatlinburg, Tennessee
Wilderness Club at Big Cedar, Ridgedale, Missouri
Shenandoah Crossing, Gordonsville, Virgina
Strategic Marketing Alliance –
Bass Pro Shops®
Strategically aligned partnership since 2000
Access to over 100 million store visitors per year
Mini-vacation sales in 51 Bass Pro Locations
Access to Bass Pro’s catalogs, web site and other lead
generation opportunities
Additional Sales to Existing Owner Base
0
10
20
30
40
50
60
2004
2005
2006
2007
2008
2009
YTD Sept
2010
28%
34%
41%
46%
24%
58%
55%
Average income: $80,000
Age: 44-55
Marital Status: 84% Married
Average initial purchase: $13,205
Number of persons per vacation ownership trip: 2.79
Number of nights per stay: 4.23
The Bluegreen Owner
Fee-Based Services
A customized suite of timeshare services and product offerings for third-party
property owners/developers, lenders and
investors.
Services are based on Bluegreen’s core competencies in:
Sales & Marketing
Property Management
Risk management
Title & Escrow
Design & Development
Mortgage Servicing
Allows third-party property owners/developers to lever off of the benefits of the
Bluegreen Vacation Club product and sales
distribution platform.
Cash business, which requires little if any capital expenditure by Bluegreen.
Expands the offerings of the Bluegreen Vacation Club.
Fee-Based Services
A
B
C
D
E
F
G
Location
Williamsburg,
Virginia
Cape Cod,
Mass.
Nassau,
Bahamas
Lincoln,
New Hampshire
Peoria,
Arizona
Fort Pierce,
Florida
Cape Cod,
Mass.
Sales &
Marketing
X
X
X
X
X
X
Property Mgmt
Services/ Risk
Mgmt
X
X
X
X
X
X
X
Title & Escrow
X
X
X
X
X
X
Design &
Development
X
X
Mortgage
Servicing
X
Service
Contract
Timeshare Industry: Impact of Liquidity Crisis
Despite robust sales, most timeshare companies have taken measures
to downsize. Bluegreen was proactively the first amongst the
larger
entities in the space to make such changes.
Lack of securitization activity, not lack of consumer demand, was the
primary driver of Bluegreen’s actions.
Industry-wide impact, including:
Wyndham
Starwood
Marriott
Bluegreen
Goals of Bluegreen’s 2008/2009 Strategic Initiatives
Significantly reduced our timeshare sales operations in an attempt to
reduce our sales pace to our known receivable financing
capacity and
projected cash sales;
Emphasizing cash-based businesses in our sales, resort management
and finance operations;
Minimizing the cash requirements of Bluegreen Communities;
Reducing overhead and increasing efficiencies;
Minimizing capital spending;
Continuing to provide a high level of quality vacation experiences and
customer service to our VOI owners;
Begin migration to “capital-light” fee-based model; and
Generating cash and income.
($ in millions)
System Wide VOI Sales (a)
(a)
Excludes estimated uncollectable VOI notes receivable and gain on sales of notes receivable. Includes sales
made on behalf of fee-based
service clients.
$0
$100
$200
$300
$400
$500
$600
2007
2008
2009
YTD Q3 2009
YTD Q3 2010
$496
$265
$182
$226
$476
Sales Mix By Payment Type
2008
2009
YTD
Sept 2010
Cash at Close (1)
13%
24%
28%
30-Day Cash-outs
11%
21%
21%
Sales realized in cash in 30 days (1)
24%
45%
49%
(1)
Includes both 100% cash sales and down payments.
Headcount
As of 9/30/08
As of 1/31/09
As of 12/31/10
Resorts
(Excluding Management)
3,897
1,154
1,650
Resorts Management
1,761
1,618
1,828
Communities
342
221
88
Corporate Support
396
243
259
Total
6,396
3,236
3,825
Resorts Segment Operating Profit (1)(2)
(1)
Operating profit prior to the allocation of corporate overhead, interest income, other income (expense), interest expense, income taxes, minority
interest, and cumulative effect of
change in accounting principle. Pro forma adjustments by year as noted below.
(2)
Reflects impact of SFAS No. 152, however includes pro forma adjustments to exclude gain on sale of notes receivable of $39.4 million, $8.2
million and $0 in 2007, 2008, and 2009
respectively, and $37.8 million of adjustment to allowance for loan losses for prior period sales in YTD Q3 2010.
($ in millions)
$0
$10
$20
$30
$40
$50
$32
$24
$39
$38
$54
Reduce Capital Expenditures
($ in millions)
2008
2009
Reduction %
YTD *
Sept 2010
Inventory Spending:
Resorts
$ 119
$ 26
(78)%
$ 11
Communities
40
6
(85)%
5
PP&E and
Other Cap Ex
29
8
(72)%
2
Total:
$ 188
$ 40
(79)%
$ 18
* Approximate
Results of 2008/2009
Strategic Initiatives 12/31/09
Increased operating/investing cash flow by over $275 million (2009 vs.
2008).
Repaid over $49 million under lines-of-credit and notes payable.
Generated Resorts Field Operating Profit of $37.7 million (16% of sales;
2009) vs. $38.8 million** (8% of sales, 2008), despite almost a 50%
decrease in sales.
Generated positive cash flow from Bluegreen Communities.
Successfully launched “capital-light” fee-based service business model.
Successfully extended over $200 million in debt obligations.
** Excluding $8.2 million gain on sale of receivables from 2008 securitization.
Results of 2008/2009
Strategic Initiatives 9/30/10
Generated operating/investing cash flow of over $123
million (YTD
Sept 2010).
Repaid over $38
million under lines-of-credit and notes payable and a
net reduction of $61
million of amounts outstanding under receivable-
backed credit facilities-securitizations.
Generated Resorts Field Operating Profit of $54 million** (24% of
sales; YTD Sept
2010) vs. $32 million (18% of sales, YTD
Sept 2009).
Generated $87
million of revenue under “capital-light” fee-based
service business model.
** Excluding $37.8 million adjustment to allowance for loan losses for prior period sales.
In-house servicing of all
receivables; servicing is
centralized at our Boca Raton,
FL headquarters.
Loans Serviced on LSAMS
(Loan Servicing and Accounting
Management System).
Bluegreen has been servicing
loans for over 20 years. Our
Mortgage management team has
a combined 132 years of
servicing experience, with an
average tenure of 15 years with
Bluegreen.
Notes Receivable Outstanding
(Resorts and Communities)
(in millions)
Receivables Financing Program
$171
$218
$250
$300
$371
$460
$569
$699
$823
$932
$803
$719
$0
$250
$500
$750
$1,000
How Bluegreen VOI Buyers Finance Their Purchase
*Dollar amount rounded to the nearest whole dollar.
**Note: Based on average household income of $80,000 for timeshare buyers.
Purchase Price of a Typical Vacation Ownership Interest:
$13,200 100%
Cash Down Payment:
($ 1,320) (10%)
Amount Financed:
$11,880 90%
Terms of Typical Financing:
Term / Amortization:
10 years
Fixed Interest Rate:
16.99%
Monthly Payment:
$ 206*
Annual Maintenance Fee/ Club Dues:
$ 661
Annual Cost During Financing Period:
$ 3,138* (3.9% of Income**)
Annual Cost After Financing Period:
$ 661 (0.8% of Income**)
Bluegreen Resorts
Credit Underwriting Standards
1994 – 2008: 10% Down Payment; No other credit verification
Effective December 15, 2008: Implemented FICO® Score-Based
Standards to determine if credit will be offered and if so on what
terms:
*No reduction of interest rate
FICO ®
Minimum Down Payment %
X > = 600
10%
500 - 599
20% *
X < = 499
100%
*No reduction of interest rate
Effective January 1, 2010 Bluegreen implemented an additional,
more stringent, FICO® Score-Based Standard:
Bluegreen Resorts
Credit Underwriting Standards
FICO ®
Minimum Down Payment %
X > = 600
10%
575 - 599
20% *
X < = 574
100%
*In the event a borrower goes off of pre-authorized checking, the interest rate will increase by 1%.
Interest Rates
VOI RATES & TERMS
HISTORICAL
Int. Rate w/o
Down Payment Int. Rate Auto-Debit Max Term
10%
15.90%* 16.90% 10 years
20%
12.90%* 13.90% 10 years
50%
8.25% 8.25% 1 year
VOI RATES & TERMS
EFFECTIVE 11/01/08
Int. Rate w/o
Down Payment Int. Rate Auto-Debit Max Term
10%
16.99%* 17.99% 10 years
20%
15.99%* 16.99% 10 years
10%
15.99%* 16.99% 5/7 years
50%
9.99% 9.99% 1 year
BXG VOI receivables have historically yielded significant interest income; in
November 2008 we implemented a revised interest rate program for new
obligors which has increased the WAC (on non-50/50 loans
originated in 2009
and through December 2010) to approximately 16.14%; by way of comparison,
the YTD WAC for similar loans
originated in 2008 through October 2008 was
approximately 14.94%.
Portfolio Statistics
Post – 1/1/10 Loans
Weighted Average FICO®
(Highest Obligor)
728(1)
Weighted Average Interest
Rate
16.1%
(1)
After allowing for settling due to 30 day payoffs; loans without a FICO® score removed, FICO® is from point of sale.
Bluegreen VOI Loan Payment Methods
As of December 2010
Each sale facility/securitization/hypothecation has a separate,
dedicated lockbox.
There is a daily automated, repetitive wire to the paying agent/lender
for each sale facility/securitization/hypothecation.
PAC/ACH/Automated
86.4%
Coupon Book
13.6%
Total
100.0%
Bluegreen’s Previous Receivables Purchase
Facilities and Term Securitizations
There has never been a principal or interest payment delinquency or default under any of these facilities.
Purchase Facility/Term Securitization
Note Amount
1998 GE Purchase Facility
$100.0 MM
2000 GE Purchase Facility
$ 90.0 MM
2001-A ING Purchase Facility
$125.0 MM
2002-A Term Securitization
$170.2 MM
2004-A GE Purchase Facility
$ 38.6 MM
2004-B Term Securitization
$156.6 MM
2004-C BB&T Purchase Facility
$140.0 MM
2005-A Term Securitization
$203.8 MM
2006-A GE Purchase Facility
$125.0 MM
2006-B Term Securitization
$139.2 MM
2007-A Term Securitization
$177.0 MM
2008-A Term Securitization
$ 60.0 MM
2010 BB&T Purchase Facility
$ 75.0 MM
BXG Legacy 2010 Securitization
$ 27.0 MM
2010-A Term Securitization
$107.6 MM
Quorum Federal Credit Union Purchase Facility
$ 20.0 MM
Total
$ 1.8 Billion
Typical Collection Process - VOI
10 Days – Telephone contact initiated on delinquent accounts when an
account is as
few as 10 days past due
30 Days – Letter mailed advising the borrower (if a U.S. resident) that if the
loan is
not brought current, the delinquency will be reported to the credit reporting agencies
(telephone contact continues)
60 Days – “Lock-out” letter mailed, return receipt requested and
regular mail,
advising that the borrower cannot use any accommodations until the delinquency is
cured (telephone contact continues)
90 Days – “Notice of Intent to Cancel Membership” mailed,
return receipt requested
and regular mail, which informs the borrower that unless the delinquency is cured
within 30 days, the borrower will forfeit ownership (telephone contact
continues)
Approximately 120 Days – Termination letter mailed, return receipt
requested and
regular mail, advising the borrower that the owner’s beneficial rights in the Bluegreen
Vacation Club have been terminated
The VOI is placed back into inventory for resale to a new purchaser
VOI Portfolio Performance
* In the event a borrower goes off of pre-authorized checking, the interest rate will increase by 1%.
Unlike floating rate residential mortgage loans (many of which have
“teaser” rates), the monthly payment for
Bluegreen’s borrowers does not
change over the life of the loan.*
The average monthly payment (approximately $200) for Bluegreen’s
borrowers is much less than a typical mortgage payment.
The vast majority of Bluegreen’s borrowers are on PAC.
Geographical diversity of obligors, few foreign obligors.
Bluegreen’s collectors have an average of 9.75 years of collections
experience. Our collections team is incentivized
through a performance-
based compensation program.
In addition, Bluegreen implemented FICO® score-based credit
requirements on 12/15/08 and further raised such guidelines on
1/1/10.
Portfolio Performance
Percentage of
outstanding loans
Percentage of outstanding
principal balance over 30 days past due
Originations Pre-12/15/08
(loans not credit scored at origination)
73%
5.30%
Originations Post-12/15/08
(loans must meet minimum FICO® requirements)
27%
3.35%
Total
100%
4.77%
2008/2009/2010 Originations - VOI Default Comparison
Percentage defaulted
Loans originated 1/1/08 – 12/14/08
11.45% (as of 12/31/09)
Loans originated 12/15/08 – 12/31/09
6.01% (as of 12/31/10)
Loans originated 1/1/10 – 12/31/10
0.39% * (as of 12/31/10, 1 st year)
VOI Delinquency Breakdown: As of December 31, 2010
* Estimated
Bluegreen Communities
Direct-to-consumer sales of
residential homesites
Deed restricted communities
“Exurbia” in southeastern and
southwestern United States
Certain properties include golf
courses designed by PGA
champions
Primarily a cash business
Pre-sales possible through
combination of bonding to completion
and corporate guaranty
Bluegreen Communities Strategic Initiatives
Consolidated field operations, thereby eliminating sales, construction and/or
administrative activities at 12 locations.
Eliminated those advertising programs which we believe have become less effective,
and focus primarily on internet marketing
campaigns.
Eliminated over 70% of our sales, marketing, development and administrative
associates.
As we have completed development of phases of our communities, development
expenditures in 2009 were materially below
expenditures in 2008.
Pursue opportunities to use our core competencies to provide services to third-
parties on a fee basis in the areas of:
asset management
market research
other real estate consulting services
Goal: Strive to operate Bluegreen Communities minimizing cash requirements until
market conditions provide other
opportunities.
Unrestricted Cash
( $ in millions)
* Excludes $55.0 million held to extinguish Senior Secured Notes in 4/08
*
($ in millions)
Operating/Investing Cash Flows (a)
(a) Investing cash flows primarily consist of cash received from retained interests in notes receivable sold, net of purchases of property and equipment.
-
$250
-
$210
-
$170
-
$130
-
$90
-
$50
-
$10
$30
$70
$110
2006
2007
2008
2009
YTD Q3
2009
YTD Q3
2010
$12.9
$(1.6)
$(212.7)
$62.9
$26.8
$123.4
Credit Facilities
($ in thousands)
As of December 31, 2010
A.
Facility amount is revolving, so additional availability is generated as the principal balance amortizes, subject to eligible collateral and/or other terms and conditions.
B.
On-balance sheet, non-recourse (except for representations and warranties).
C.
In Legal documentation. Have already executed commitment.
D.
Big Cedar JV borrowings only.
E.
Received term sheet. Subject to credit approval. Maximum additional borrowing = $5 million.
Lender
Type
Revolving
Advance Period
Expiration
Legal Final
Maturity
Facility
Amount
Amount
Outstanding
Amount
Available
Resorts Division
BB&T
Receivables Purchase Facility
12/17/2011
9/5/2023
$ 75,000
$ 0
$ 75,000
(A)(B)
Quorum
Receivables Purchase Facility
12/22/2011
12/30/2030
20,000
109
19,891
(B)
NBA
Receivable Hypothecation Facility
6/30/2011
6/29/2018
20,000
18,350
1,650
(D) E)
Liberty
Receivable Hypothecation Facility
2/2013
2/2016
60,000
49,285
10,715
(A)(C)
$107,256
Contractual Debt Maturities
As of September 30, 2010
( $ in millions)
Debt
Less Than
1-3
4-5
After 5
Balance
1 Year
Years
Years
Years
9/30/10
Receivable Backed Notes (Recourse)
$ 4
$ -
$ 75
$ 70
$ 149
Lines of Credit & Notes Payable
32
112
1
3
148
Jr Subordinated Debentures
-
-
-
111
111
Subtotal – Recourse Debt
36
112
76
184
407
Non-Recourse Receivable – Backed Notes
-
-
-
444
444
Total
$ 36
$ 112
$ 76
$ 628
$ 851
John M. Maloney, Jr.
President and Chief Executive Officer
John M. Maloney, Jr. joined us in 2001 as Senior Vice President of Operations and Business Development for Bluegreen Resorts. In May 2002, Mr. Maloney was named our Senior Vice President of the Company and President of Bluegreen Resorts and he was appointed Executive Vice President and Chief Operating Officer in November 2005. Effective January 2007, Mr. Maloney was appointed President and Chief Executive Officer. Prior to Bluegreen, Mr. Maloney served in various positions with ClubCorp, most recently as the Senior Vice President of Sales and Marketing for the Owners Club by ClubCorp, and held various positions with Hilton Grand Vacations Company, most recently as the Director of Sales and Marketing for the South Florida area.
Anthony M. Puleo
Senior Vice President, Chief Financial
Officer and Treasurer
Anthony M. Puleo joined us in 1997 as Chief Accounting Officer. Mr. Puleo was elected Vice President in 1998 and Senior Vice President in 2004. Mr. Puleo served as Interim Chief Financial Officer from April through August 2005. In August 2005, he was elected Chief Financial Officer and Treasurer. From December 1990 through October 1997, Mr. Puleo held various positions with Ernst & Young LLP, most recently serving as a Senior Manager in the Assurance and Advisory Business Services group. Mr. Puleo holds a B.B.A. in Accounting and is a Certified Public Accountant.
David Bidgood
Senior Vice President; President,
Bluegreen Resorts
Field Sales & Marketing
David Bidgood joined us in 1997 as Vice President for Bluegreen’s Midwest Region and the Senior Vice President for the Midwest and Tennessee Region with Bluegreen’s acquisition of RDI. In December 2000, Mr. Bidgood was promoted to Senior Vice President, National Sales Director Bluegreen Resorts Division. In 2007, Mr. Bidgood was promoted to Executive Vice President of National Sales and Marketing and became an officer of Bluegreen Corporation. In December 2008, Mr. Bidgood was appointed President, Bluegreen Resorts Field Sales & Marketing. Prior to joining Bluegreen, Mr. Bidgood held a variety of positions and has been involved in all aspects of resort development.
David L. Pontius
Senior Vice President; President,
Bluegreen Management Services,
Chief Strategy Officer
David L. Pontius joined us in 2007 as Senior Vice President and President, Bluegreen Resorts. In December 2008 Mr. Pontius was appointed President of Resorts Management Services and in 2010 Chief Strategy Officer. From 2002-2007, Mr. Pontius worked at Wyndham Vacation Ownership, Inc. and its sister company RCI Global Vacation Network (RCI). From 2006-2007, he served as Executive Vice President, Hospitality, Strategic Planning and Chief Customer Officer at Wyndham Vacation Ownership. From 2002-2006, Mr. Pontius served as President and CEO of RCI North America. From 1996-2002, Mr. Pontius served in positions of increasing responsibilities at Hilton Grand Vacations where he finished as Senior Vice President of Operations. From 1992- 1996, Mr. Pontius served as Chief Operating Officer of Vacation Internationale, one of the pioneer companies in timesharing and points-based clubs.
Allan J. Herz
Senior Vice President, Mortgage
Operations and Assistant Treasurer
Allan J. Herz joined us in 1992 and was named Director of Mortgage Operations in September 1992. Mr. Herz was elected Vice President in 1993 and Senior Vice President in 2004. In 2007, he was also appointed Assistant Treasurer. From 1982 to 1992, Mr. Herz worked for AmeriFirst Federal Savings Bank based in Miami, Florida. During his 10-year tenure with the bank, he held various lending positions, the most recent being Division Vice President in Consumer Lending. Mr. Herz holds a B.B.A. and an M.B.A.
Paul Humphrey
Vice President, Finance and Capital
Markets
Paul Humphrey began working with us in 2009 and in 2010 became our Vice President, Finance and Capital Markets. He is also the Chief Investment Officer of Stratstone Advisors and has an extensive finance background in securitization execution and performance analysis. Prior to joining Stratstone, Mr. Humphrey worked for over 14 years in the ABS/MBS product groups at Salomon Brothers/Citigroup and CS First Boston where he successfully developed financing alternatives for multiple consumer asset classes such as timeshare, manufactured housing and non-agency mortgage. Mr. Humphrey began his career at CS First Boston in 1993 with his focus including collateral and structural loan analysis for consumer loan securitizations.
Daniel C. Koscher
Senior Vice President; President and
Chief Executive Officer of Bluegreen
Communities
Daniel C. Koscher joined us in 1986. During his tenure, he has served in various financial management positions including Chief Accounting Officer and Vice President and Director of Planning/Budgeting. In 1996, he became Senior Vice President of the Company and President of Bluegreen Communities. In November 2005, Mr. Koscher was elected Chief Executive Officer of Bluegreen Communities. Mr. Koscher holds an M.B.A. along with a B.B.A. in Accounting and is a Registered Resort Professional.
Ahmad Wardak
Senior Vice President, Corporate
Marketing
Ahmad Wardak joined Bluegreen in 2003 and served in various management positions, most recently as Senior Vice President, Chief Administration Officer. As Senior Vice President, Corporate Marketing, Mr. Wardak works closely with our Field Sales and Marketing organization and leads Bluegreen’s expansion of new marketing alliances and oversees a digital marketing group to leverage the web and other interactive channels. Mr. Wardak began his career with Ernst & Young, LLP. Mr. Wardak holds his B.S.
Susan J. Saturday
Senior Vice President and
Chief Human Resources Officer
Susan J. Saturday joined us in 1988. During her tenure, she has held various management positions with us including Assistant to the Chief Financial Officer, Divisional Controller and Director of Accounting. In 1995, she was elected Vice President and Director of Human Resources and Administration. In 2004, Ms. Saturday was elected Senior Vice President and Chief Human Resources Officer. From 1983 to 1988, Ms. Saturday was employed by General Electric Company in various financial management positions including the corporate audit staff. Ms. Saturday holds a B.B.A. in Accounting and an M.S. in Human Resource Management.
Raymond S. Lopez
Senior Vice President,
Chief Accounting Officer
Raymond S. Lopez joined us in 2004 as Controller. In 2005 he was appointed Vice President and Chief Accounting Officer. In 2008 Mr. Lopez was appointed Senior Vice President and Chief Accounting Officer. Prior to joining Bluegreen, Mr. Lopez served as Manager of External Reporting for Office Depot, Inc. and as a Senior Auditor with Arthur Andersen LLP, respectively. Mr. Lopez is a Certified Public Accountant and holds a B.S. in Accounting.
Percy Lopez
Vice President,
Information Technology
Percy Lopez joined us in 2007 as Vice President, Application Systems. In 2010, he was elected Vice President, Information Technology to oversee all of the company’s technology initiatives. From March 1990 through March 2007 Mr. Lopez was employed by Royal Caribbean Cruises Ltd. where he held various positions within the Information Technology department, most recently serving as Director of CRM. Mr. Lopez holds a B.S in Computer Science.
Michael D. Kaminer
Senior Vice President,
General Counsel and Assistant Secretary
Michael D. Kaminer joined Bluegreen in November of 2007 as Vice President and Assistant General Counsel. Mr. Kaminer served as our Acting General Counsel since April of 2008, overseeing all aspects of our Legal Department. In 2010 Michael was appointed Senior Vice President, General Counsel and Assistant Secretary. Prior to coming to Bluegreen, Mr. Kaminer was Vice President and Associate General Counsel at WCI Communities, Inc. from January 2003 to October of 2007. Prior to that time, Mr. Kaminer was a Shareholder with the law firm of Akerman Senterfitt, resident in the firm’s Fort Lauderdale, Florida office. He received his undergraduate degree in History from Duke University and his law degree, with Honors, from the University of Florida.
Terry Dodd
Senior Vice President,
Acquisitions & Development
Terry Dodd joined Bluegreen in 1997 as the Vice President of Inventory Management. In 2001, he was promoted to Senior Vice President-Club Operations/Program Development. In 2008 he assumed the responsibility for all Acquisition and Development activities within Bluegreen Resorts and in 2009 added development of the Company’s Fee-Based-Services business. He began his career in 1992, serving as Director with RDI Resort Services Corporation in Fort Myers, FL. In 1993 Terry’s responsibilities shifted to the development and implementation of the RDI Vacation Club, the first multi-site points-based Vacation Club successfully registered in the state of Florida.