SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The securities act of 1934
Date of Report (Date of earliest event reported) March 2, 1994
BFC FINANCIAL CORPORATION
FLORIDA 0-9811 59-2022148
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(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation) No.)
P.O. Box 5403, Fort Lauderdale, FL 33310-5403
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(Address of principal executive offices)
Registrant's telephone number, including area code: (305) 760-5200
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Item 5. Other Events.
As previously reported in the Registrant's Annual Report on Form 10-K for the
year ended December 31, 1992, in January 1992 an individual filed suit against
a subsidiary of the Registrant seeking return of an earnest money deposit held
by an escrow agent and liquidated damages in the amount of $85,000 as a result
of the failure to close the purchase and sale of an apartment complex in
Indianapolis, Indiana. The subsidiary was to have purchased the complex from
a third party and then immediately resell it to plaintiff. The third party
seller was named as co-defendant and thereafter filed a crossclaim against the
subsidiary seeking to recover the earnest money deposit. In September 1983,
plaintiff filed an amended complaint naming additional subsidiaries of the
Registrant and certain officers of the Registrant as additional defendants and
seeking unspecified damages based on alleged fraud and interference with
contract. The case was tried during October 1988. In April 1989, the Court
entered a judgment against the subsidiary, the Registrant and certain other
affiliates, jointly and severally, in the amount of $85,000 as liquidated
damages with interest accruing at 8% per annum from September 1, 1981,
compensatory damages of $1.00 and punitive damages of $100,000. The judgement
also awarded plaintiff the return of his $85,000 escrow deposit and awarded
the third party seller $85,000 in damages plus interest against the
subsidiary. The Registrant expensed all of such amounts. Both plaintiff and
the Registrant appealed the judgment and in June 1991, the appellate court
reversed the trail court's decision on the issue of compensatory damages and
remanded the case to the trial court to determine the amount of compensatory
damages to be awarded. A hearing on remand was held on February 3, 1993. On
February 25, 1994, the court on remand awarded plaintiff a judgment in the
amount of $85,000 for liquidated damages for breach of contract jointly and
severally from the subsidiary, the Registrant and certain named affiliates,
plus prejudgment interest of $52,108.50 through May 1, 1989, plus post-
judgment interest of 10% per annum thereafter until paid. Additionally,
plaintiff was awarded a judgment against the defendants in the amount of
$2,570,000 for tortious interference, plus prejudgment interest of $469,400
through May 1, 1989, plus post-judgment interest of 10% per annum thereafter
until paid. The Registrant which was advised of the courts decision on March
2, 1994 intends to appeal the trail court's order.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to be signed on its behalf by the
undersigned, thereunto duly authorized.
BFC FINANCIAL CORPORATION
By: Glen R. Gilbert
Senior Vice President,
Chief Financial Officer and Secretary
March 14, 1994
