Special Situations
Long/short equity, special situations, value, event-driven

BFC Financial: A Massively Undervalued Catalyst-Driven Equity

Executive summary

BFC Financial (OTCQB:BFCF) is a heavily mispriced and underfollowed equity with an extremely complex corporate structure. Through its subsidiaries, BFCF owns a variety of liquidating assets, NOLs, and a timeshare business that sells/finances vacation ownership interests in over 60 domestic & Caribbean resorts (Bluegreen Vacations).

BFCF is currently hard to analyze due to its complex corporate structure and management's poor disclosures, which make it very difficult to identify the company's assets and time-consuming to properly value those various assets. In addition, the company is OTC-listed, with no sell-side analyst coverage.

I believe the above-stated overhangs will be eliminated in the next 12-18 months, resulting in a jump to the equity's fair value. The catalysts to drive...

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