UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): June 30, 2011
Bluegreen Corporation
(Exact name of registrant as specified in its charter)
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Massachusetts |
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001-09292 |
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03-0300793 |
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(State or other jurisdiction |
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(Commission |
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(IRS Employer |
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4960 Conference Way North, Suite 100 Boca Raton, Florida |
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33431 |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (561) 912-8000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events. |
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As previously disclosed, Bluegreen Corporation (the “Company”) is exploring strategic alternatives for its Bluegreen Communities business segment. In connection with that process, on June 30, 2011, the Board of Directors of the Company made a determination to seek to sell the business segment or all or substantially all of its assets. As a consequence, Bluegreen Communities will be accounted for as a discontinued operation in the Company’s financial statements. Further, the Company expects that an impairment charge, which may be material, will be taken in the quarter ended June 30, 2011. The Company is determining the appropriate amount of such impairment, which will be based on a current valuation of the business segment. The Company has not entered into any agreement or agreements with respect to the sale of the business segment or its assets, and there is no certainty that the Company will successfully consummate a sale or sales on terms acceptable to the Company.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: July 1, 2011 | BLUEGREEN CORPORATION | ||
By: | /s/ Anthony M. Puleo | ||
Anthony M. Puleo | |||
Senior Vice President, Chief Financial Officer and Treasurer |