UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the quarterly period ended March 31, 2012.

 

or

 

¨	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT.

 

For the transition period from _________ to ________

 

Commission file number: 1-10024

 

BKF Capital Group, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware		36-0767530
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

225 N.E. Mizner Boulevard, Suite 400 Boca Raton, Florida 33432

(Address of Principal Executive Office) (Zip Code)

 

(561) 362-4199

(Registrant's telephone number including area code)

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes ¨ No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

x Yes ¨ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	¨	Smaller reporting company	x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

x Yes ¨ No

 

As of May 9, 2012, 7,446,593 shares of the registrant's common stock, $1.00 par value, were outstanding.

 

 

TABLE OF CONTENTS

 

Part I.	FINANCIAL INFORMATION
Item 1.	Financial Statements	3
	Consolidated Statements of Financial Condition as of  March 31, 2012 (unaudited) and December 31, 2011 (audited)	3
	Consolidated Statements of Operations and Comprehensive Income (three-months March 31, 2012)	4
	Consolidated Statements of Cash Flows (three-months ended  March 31, 2012 and 2011)	5
	Notes to Condensed Financial Statements	6
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	9
Item 4.	Controls and Procedures	12
Part II.	Other Information	13
Item 1.	Legal Proceedings	13
Item 6.	Exhibits	14
Signatures		15

 

 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

BKF CAPITAL GROUP, INC.

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollar amounts in thousands)

 

		March 31,				December 31,
		2012				2011
		(unaudited)
Assets
Cash and cash equivalents		$	7,908			$	8,292
Investments			3,725				3,337
Prepaid expenses and other assets			61				77
Total assets		$	11,694			$	11,706
Liabilities and Stockholders' Equity
Accrued expenses		$	44			$	41
Total liabilities			44				41
Commitments and contingencies
Stockholders' equity
Common stock, $1 par value, authorized — 15,000,000 shares, 7,446,593
issued and outstanding as of March 31, 2012 and December 31, 2011			7,447				7,447
Additional paid-in capital			68,269				68,269
Accumulated deficit			(64,667	)			(64,570	)
Accumulated other comprehensive income			601				519
Total stockholders' equity			11,650				11,665
Total liabilities and stockholders' equity		$	11,694			$	11,706

 

See accompanying notes

 

 

BKF CAPITAL GROUP, INC.

 

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Dollar amounts in thousands, except per share data)

(Unaudited)

 

		Three Months Ended
		March 31,
		2012				2011
Operating income:
Royalties		$	6			$	—
Non operating income
Interest income			5				7
Other income			11				4
Total revenues			22				11
Expenses:
Employee compensation and benefits			73				61
Occupancy and equipment rental			16				16
Other operating expenses			30				20
Total expenses			119				97
Net Loss		$	(97	)		$	(86	)
Other comprehensive income
Unrealized gain on securities			82				175
Comprehensive income/(loss)		$	(15	)		$	89
Net loss per share:
Basic and diluted		$	(0.01	)		$	(0.01	)
Weighted average common shares outstanding			7,446,593				7,446,593

 

See accompanying notes

 

 

BKF CAPITAL GROUP, INC.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollar amounts in thousands)

(Unaudited)

 

		Three Months Ended
		March 31,
		2012				2011
Cash flows from operating activities
Net loss		$	(97	)		$	(86	)
Changes in operating assets and liabilities:
Decrease in prepaid expenses and other assets			15				219
Decrease (increase) in accrued expenses			3				(60	)
Decrease in accrued lease liability expense			—				(1,139	)
Net cash used in operating activities			(79	)			(1,066	)
Cash flows from investing activities
Purchase of investment securities			(305	)			—
Net cash used in investing activities			(305	)			—
Net decrease in cash and cash equivalents			(384	)			(1,066	)
Cash and cash equivalents at the beginning of the period			8,292				9,744
Cash and cash equivalents at the end of the period		$	7,908			$	8,678
Supplemental disclosure of cash flow information
Cash paid for interest		$	—			$	—
Cash paid for income taxes		$	—			$	—

 

See accompanying notes

 

 

BKF CAPITAL GROUP, INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

The unaudited condensed consolidated financial statements included herein were prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosure normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, disclosures made are adequate to make the information not misleading. These condensed consolidated financial statements should be read in conjunction with the financial statements and notes included in the Company's Form 10-K for the year ended December 31, 2011.

 

In the opinion of management, the interim data includes all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the interim period. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the fiscal year.

 

1. Organization and Summary of Significant Accounting Policies

 

Organization and Basis of Presentation

 

BKF Capital Group, Inc. (the "Company") operates through a wholly-owned subsidiary, BKF Management Co., Inc. and its subsidiaries, all of which are referred to as "BKF." The Company trades on the over the counter market under the symbol ("BKFG"). Currently, the Company is seeking to consummate an acquisition, merger or business combination with an operating entity to enhance BKF's revenues and increase shareholder value.

 

The consolidated financial statements of BKF include its wholly-owned subsidiaries BKF Asset Management, Inc., ("BAM"), BAM's two wholly-owned subsidiaries, BKF GP Inc. ("BKF GP") and LEVCO Securities, Inc. ("LEVCO Securities"). All inter-company accounts have been eliminated. All adjustments necessary for a fair statement of results for the interim period have been made and all such adjustments were of a normal recurring nature.

 

Use of Estimates

 

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

 

 

BKF CAPITAL GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

Cash and Cash Equivalents

 

Investments in money market funds are valued at net asset value. The Company maintains substantially all of its cash and cash equivalents in interest bearing instruments at two nationally recognized financial institutions, which at times may exceed federally insured limits. As a result the Company is exposed to credit risk related to the money market funds and the market rate inherent in the money market funds.

 

OTHER COMPREHENSIVE INCOME

 

The Company presents other comprehensive income in accordance with ASC Topic 220, Comprehensive Income. This section requires that an enterprise (a) classify items of other comprehensive income by their nature in a financial statement and (b) display the accumulated balance of other comprehensive income separately from retained earnings and additional paid in capital in the equity section of a statement of position. The Company reports its unrealized gains and losses on investments in securities as other comprehensive income (loss) in its financial statements.

 

Fair Values of Financial Instruments

 

Financial instruments, including cash and cash equivalents, accounts receivable and accounts payable are carried in the consolidated financial statements at amounts that approximate fair value at March 31, 2012 and December 31, 2011. Fair values are based on market prices and assumptions concerning the amount and timing of estimated future cash flows. Investments have been valued using level 1 inputs under ASC Topic 820, Fair Value Measurements and Disclosures.

 

2. Investments

 

Investments are classified as available-for-sale according to the provisions of ASC Topic 320, Investments - Debt & Equity Securities. Accordingly, the investments are carried at fair value with unrealized gains and losses reported separately in other comprehensive income.

 

At March 31, 2012 the Company held 1,919,920 common shares of Qualstar valued at approximately $3,725,000.

 

3. Concentrations

 

On October 3, 2008, the Emergency Economic Stabilization Act of 2008 increased the insurance coverage offered by the Federal Deposit Insurance Corporation (FDIC) from $100,000 to $250,000 per depositor. This limit is anticipated to return to $100,000 after December 31, 2013. Additionally, under the FDIC's Temporary Liquidity Guarantee Program, amounts held in non-interest bearing transaction accounts at participating institutions are fully guaranteed by the FDIC through December 31, 2013. The Company had amounts in excess of $250,000 in a single bank during the year. Amounts over $250,000 are not insured by the Federal Deposit Insurance Corporation. These balances fluctuate during the year and can exceed this $250,000 limit.

 

 

BKF CAPITAL GROUP, INC.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)

 

4. Commitments and Contingencies

 

The Company could be subject to a variety of claims, suits and proceedings that arise from time to time, including actions with respect to contracts, regulatory compliance and public disclosure. These actions may be commenced by a number of different constituents, including vendors, former employees, regulatory agencies, and stockholders. The following is a discussion of the more significant matters involving the Company.

 

The Company is a defendant in a lawsuit for claims for alleged services in the amount of approximately $171,000. The complaint was filed in the New York State Supreme Court and alleges a claim for breach of contract against BAM for alleged goods and services delivered to BAM. The Company is vigorously defending this action. The Company has no specific reserve for this action.

 

5. Warrants

 

On March 1, 2011, the Company granted warrants to purchase 200,000 shares of the Company’s common stock, $1.00 par value to an executive of the company in exchange for certain services to be rendered. The warrants are exercisable for a period of 5 years, but they shall expire and terminate ninety (90) days after the Executive’s separation from the Company for any reason. The warrants shall vest and be exercisable as follows: (i) 50,000 warrants exercisable at $1.55 per share shall vest upon the occurrence of BKF raising $5,000,000 through the sale of equity and completion of twelve months of employment; (ii) 50,000 warrants exercisable at $1.55 per share shall vest upon the occurrence of BKF Capital raising an aggregate amount of $10,000,000 from the execution of this Agreement; (iii) 50,000 warrants exercisable at $2.00 per share shall vest upon the occurrence of BKF Capital raising an aggregate amount of $15,000,000 from the execution of this Agreement; and (iv) 50,000 warrants exercisable at $2.00 per share shall vest upon the occurrence of BKF Capital Raising an aggregate amount of $20,000,000 from the execution of this Agreement.

 

At March 31, 2012, none of the warrants had vested and thus none are exercisable. It was determined that the performance conditions under which the warrants vest have a remote probability of occurring and thus no compensation expense has been recognized for the warrants granted. The executive to whom these warrants relate resigned as of April 25, 2012.

 

 

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

 

This Quarterly Report on Form 10-Q contains certain statements that are not historical facts, including, most importantly, information concerning possible or assumed future results of operations of BKF Capital Group, Inc. (the "Company") and statements preceded by, followed by or that include the words "may," "believes," "expects," "anticipates," or the negation thereof, or similar expressions, which constitute "forward-looking statements" within the meaning of the Section 27A of the Securities Act of 1933 and Section 21E (the "Reform Act") of the Securities Exchange Act of 1934 (the "Exchange Act"). For those statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are based on the Company's current expectations and are susceptible to a number of risks, uncertainties and other factors, including the risks specifically enumerated in Company's Annual Report on Form 10-K for the year ended December 31, 2011, and the Company's actual results, performance and achievements may differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. The Company will not undertake and specifically declines any obligation to publicly release the result of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. In addition, it is the Company's policy generally not to make any specific projections as to future earnings, and the Company does not endorse any projections regarding future performance that may be made by third parties.

 

The following discussion and analysis provides information which the Company's management believes to be relevant to an assessment and understanding of the Company's results of operations and financial condition. This discussion should be read together with the Company's financial statements and the notes to financial statements, which are included in this report, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2011.

 

BKF was incorporated in Delaware in 1954. The Company's securities trade on the over the counter market under the symbol "BKFG." During the third quarter of 2006, the Company ceased all operations, except for maintaining its status as an Exchange Act reporting company and winding down certain investment partnerships for which BKF acts as general partner. Currently, the Company is seeking to consummate an acquisition, merger or other business combination with an operating entity to enhance BKF's revenues and increase shareholder value.

 

The Company operates through its wholly-owned subsidiary, BKF Management Co., Inc. ("BMC") and its subsidiaries, all of which are collectively referred to herein as the "Company" or "BKF." The consolidated financial statements of BKF include its wholly-owned subsidiary BMC, BMC's wholly owned subsidiary BKF Asset Management, Inc., ("BAM") and BAM's two wholly-owned subsidiaries, LEVCO Securities, Inc. ("LEVCO Securities") and BKF GP Inc. ("BKF GP"). There were no affiliated partnerships in BKF's December 31, 2011 consolidated financial statements.

 

 

Historically the Company operated in the investment advisory and asset management business entirely through BAM, which was a registered investment adviser with the Securities and Exchange Commission ("SEC"). BAM specialized in managing equity portfolios for institutional investors through its long-only equity and alternative investment strategies. BAM withdrew its registration as a registered investment advisor on December 19, 2006 and ceased operating in the investment advisory and asset management business. LEVCO Securities, a subsidiary of BAM, was a broker dealer registered with the SEC and a member of the National Association of Securities Dealers, Inc. (now known as the Financial Industry Regulatory Authority). LEVCO Securities withdrew its registration as a broker-dealer on November 30, 2006 and ceased operating as a broker dealer. BKF GP, Inc., the other subsidiary of BAM, acts as the managing general partner of several affiliated investment partnerships which are in the process of being liquidated and dissolved.

 

Since January 1, 2007, the Company has had no operating business and no assets under management. The Company's principal assets consist of a significant cash position, investment in securities, sizable net operating tax losses to potentially carry forward and its status as a publicly traded Exchange Act reporting company. BKF's current revenue stream will not be sufficient to cover BKF's ongoing expenses.

 

BKF, through a subsidiary, acts as the managing general partner of a number of investment partnerships, formed prior to 2005, which are in the process of being liquidated and dissolved.

 

Current Plan of Operations

 

The Company has no operating business and no assets under management at March 31, 2012. The Company's principal assets consist of a significant cash position, an investment in Qualstar Corporation, a publicly traded company, and sizable net operating tax losses to potentially carry forward, its status as an Exchange Act reporting company and its investment securities. BKF's current revenue stream will not be sufficient to cover current expenses, however the Company has enough cash to cover operations for the upcoming year.

 

The Company's current plan of operation is to arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity. The Company shall endeavor to utilize some or all of the Company's net operating loss carryforwards in connection with a business combination transaction; however, there can be no assurance that the Company will be able to utilize any of its net operating loss carryforwards. The Company has not identified a viable operating entity for a merger, acquisition, business combination or other arrangement, and there can be no assurance that the Company will ever successfully arrange for a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity.

 

The Company anticipates that the selection of a business opportunity will be a complex process and will involve a number of risks, because potentially available business opportunities may occur in many different industries and may be in various stages of development. Due in part to depressed economic conditions in a number of geographic areas and shortages of available capital, management believes that there are numerous firms seeking either the additional capital which the Company has or the benefits of a publicly traded corporation, or both. The perceived benefits of a publicly traded corporation may include facilitating or improving the terms upon which additional equity financing may be sought, providing liquidity for principal shareholders, creating a means for providing incentive stock options or similar benefits to key employees, providing liquidity for all shareholders and other factors.

 

 

In some cases, management of the Company will have the authority to effect acquisitions without submitting the proposal to the shareholders for their consideration. In some instances, however, the proposed participation in a business opportunity may be submitted to the shareholders for their consideration, either voluntarily by the Board of Directors to seek the shareholders' advice and consent, or because of a requirement of State law to do so.

 

In seeking to arrange a merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity, the Company's objective will be to obtain long-term capital appreciation for the Company's shareholders. There can be no assurance that the Company will be able to complete any merger, acquisition, business combination or other arrangement by and between the Company and a viable operating entity.

 

The Company may need additional funds in order to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity, although there is no assurance that the Company will be able to obtain such additional funds, if needed. Even if the Company is able to obtain additional funds there is no assurance that the Company will be able to effectuate a merger, acquisition or other arrangement by and between the Company and a viable operating entity.

 

On December 17, 2010, the registrant purchased 1,500,000 shares of Qualstar Corporation ("Qualstar") common stock in a privately negotiated transaction at the price of $1.55 per share or the total aggregate amount of $2,325,000. Qualstar is a diversified electronics manufacturer specializing in data storage, power supplies and computer pointing devices. Qualstar's products are known throughout the world for high quality and Simply Reliable designs that provide years of trouble-free service. The securities of Qualstar are traded on NASDAQ under the symbol "QBAK." The registrant purchased the Qualstar shares from Richard A. Nelson and Kathleen R. Nelson as Co-Trustees of the Nelson Family Trust U/A DTD 01/19/2000. Richard A. Nelson is an officer and director of Qualstar. Following the acquisition, the registrant was the owner of approximately 12.2% of issued and outstanding shares of Qualstar. The Company previously disclosed its acquisition of shares of Qualstar in Current Report on Form 8-K filed on December 23, 2010.

 

At March 31, 2012 the Company held 1,919,920 common shares of Qualstar valued at approximately $3,725,000, representing approximately 15.7% of the issued and outstanding shares of Qualstar. The Company holds the shares of Qualstar for investment purposes.

 

Subsequent Events

 

On April 25, 2012, Maria Fregosi, the Company’s Chief Financial Officer resigned. The Company previously disclosed Ms. Fregosi’s resignation in a Current Report on Form 8-K on April 30, 2012.

 

On April 30, 2012, The Company sent a letter (the “Demand Letter”), to Qualstar, demanding a special meeting of the shareholders of Qualstar be held to vote to remove the incumbent members of the Qualstar board of directors, to fix the authorized number of directors and to elect new members to the board of directors. The Company made its demand in accordance with Qualstar’s bylaws. As of April 30, 2012, BKF owned 1,990,786 shares of Qualstar representing approximately 16.2% of Qualstar’s issued and outstanding shares. The Company previously disclosed the issuance of the Demand Letter in a Current Report on Form 8-K filed on May 1, 2012.

 

RESULTS OF OPERATIONS

 

The following discussion and analysis of the results of operations is based on the Consolidated Statements of Financial Condition and Consolidated Statements of Operations for BKF Capital Group, Inc. and Subsidiaries.

 

Income

 

Total revenues for the three months ended March 31, 2012 was $22,000 compared to $11,000 in the same period in 2011, an increase of $11,000. The increase is primarily due to a final adjustment in the royalty revenue agreement which terminated on September 30, 2010.

 

 

Expenses

 

Total expenses for the three months ended March 31, 2012 were approximately $119,000, reflecting an increase of 23% from $97,000 in expenses in the same period in 2011. The increase is primarily attributable to other operating expenses and employee compensation.

 

Net Income/Net Loss

 

Net loss for the three months ended March 31, 2012 was $97,000, as compared to a net loss of $86,000 in the same period in 2011.

 

LIQUIDITY AND CAPITAL RESOURCES

 

BKF's current assets as of March 31, 2012 consist primarily of cash, and investments.

 

While BKF has historically met its cash and liquidity needs through cash generated by operating activities, cash flow from current activities may not be sufficient to fund operations in the future. BKF will use a portion of its existing working capital for such purposes.

 

At March 31, 2012, BKF had cash and cash equivalents of $7.9 million, compared to $8.3 million of cash and cash equivalents at December 31, 2011.

 

OFF BALANCE SHEET RISK

 

There has been no material change with respect to the off balance sheet risk incurred by the Company since March 31, 2012.

 

Item 4. Controls and Procedures

 

We maintain "disclosure controls and procedures," as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, that are designed to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our principal executive officer to allow timely decisions regarding required disclosure.

 

Evaluation of disclosure and controls and procedures.

 

As of the end of the period covered by this report, the Company carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer, of the effectiveness of the design and operation of the Company's Disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Based on the evaluation, the Company's Principal Executive Officer has concluded that the Company's disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that the Company’s disclosure controls and procedures are operating in an effective manner to provide reasonable assurance that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms.

 

 

Changes in internal controls over financial reporting.

 

There have been no changes in Company's internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during Company's most recent quarter that has materially affected, or is reasonably likely to materially affect, Company's internal control over financial reporting.

 

It should be noted that any system of controls, however well designed and operated, can provide only reasonable, and not absolute, assurance that the objectives of the system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of future events. Because of these and other inherent limitations of control systems, there is only reasonable assurance that the Company's controls will succeed in achieving the stated goals under all potential future conditions.

 

PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

The Company is a defendant in a lawsuit for claims for alleged services in the amount of approximately $171,000. The complaint was filed in the New York State Supreme Court, New York County and is entitled: Thomson Financial, LLC v. BKF Asset Management, Inc. and assigned Index No. 601390/09. In the action Thomson Financial alleges a claim for breach of contract against BAM for alleged goods and services delivered to BAM. The Company is vigorously defending this action. The Company has not recorded a liability reserve because the Company does not believe it will be held liable in the action.

 

The Company's management is unaware of any other material existing or pending legal proceedings or claims against the Company.

 

 

Item 6. Exhibits.

 

a. Exhibits

 

The following exhibits are hereby filed as part of this Quarterly Report on Form 10-Q or incorporated herein by reference.

  

Exhibit
Number		Description of Document
31*		Section 302 Certification of Chief Executive Officer
32*		Section 906 Certification of Chief Executive Officer
101.INS*#		XBRL Instance Document
101.SCH*#		XBRL Taxonomy Extension Schema
101.CAL*#		XBRL Taxonomy Extension Calculation Linkbase
101.DEF*#		XBRL Taxonomy Extension Definition Linkbase
101.LAB*#		XBRL Taxonomy Extension Label Linkbase
101.PRE*#		XBRL Taxonomy Extension Presentation Linkbase

 

 * Filed herewith.

 

# Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

 

 

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 thereunto duly authorized.

 

Date: May 14, 2012

 

	BKF CAPITAL GROUP, INC.
	By:	/s/ Steven N. Bronson
		Steven N. Bronson,
		Chief Executive Officer,
		as Registrant's duly authorized officer

 

 

EXHIBIT INDEX

 

Exhibit
Number		Description of Document
31*		Section 302 Certification of Chief Executive Officer
32*		Section 906 Certification of Chief Executive Officer
101.INS*#		XBRL Instance Document
101.SCH*#		XBRL Taxonomy Extension Schema
101.CAL*#		XBRL Taxonomy Extension Calculation Linkbase
101.DEF*#		XBRL Taxonomy Extension Definition Linkbase
101.LAB*#		XBRL Taxonomy Extension Label Linkbase
101.PRE*#		XBRL Taxonomy Extension Presentation Linkbase

 

* Filed herewith.

 

# Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.