Central Florida, Bluegreen amend, extend settlement agreement

By Lisa Kerner

Charlotte, N.C., July 28 - Shareholders led by Central Florida Investments, Inc. and Bluegreen Corp. reported amendments to their settlement agreement in a schedule 13D filed with the Securities and Exchange Commission.

The third and fourth amendments acknowledge that Central Florida disposed of 1,160,304 shares of Bluegreen common stock since Oct. 17, 2006, and extend the time by which the investors are required to fully divest their beneficial ownership in all of the holdings of common stock until Oct. 16, 2012.

On Oct. 15, 2007, Central Florida and Bluegreen executed a second amendment to the settlement agreement extending the time in which the investors have to fully divert their beneficial ownership in at least 1,112,000 shares of the common stock to April 16, 2008, from Oct. 16, 2007.

Central Florida agreed to fully divest its beneficial ownership in at least 4,260,198 shares of the common stock from Oct. 17, 2007 through Oct. 16, 2008, and to divest fully its beneficial ownership in all of its remaining holdings of the common stock within three years of Oct. 16, 2006.

The reporting shareholders beneficially own 7,572,096 shares, or 4.26% of the company's outstanding shares.

Bluegreen, which has headquarters in Boca Raton, Fla., provides leisure products, including cruises.

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