# Westgate's ''Mr. Seagull'' to takeover Bluegreen?



## Carolinian (Jul 29, 2006)

There is a report in this week's Street Talk ( www.streettalkblog.com ) that Westgate Resort's ''Mr. Seagull'' is on a stockbuying spree of Bluegreen stock and in sight of gaining control.  Bluegreen is instituting poison pill measures.


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## timeos2 (Jul 29, 2006)

ANY timeshare/resort group that hears they may be involved with King David should take the strongest possible measures to protect themselves. Ask the poor folks at Bluetree what the Wesgrate group is like to deal with and what happens if they don't get their way.  

Heaven help Bluegreen and its owners if this is true.


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## rickandcindy23 (Jul 29, 2006)

That's awful.  For Bluegreen to be associated with Westgate, that would be an oxymoron wouldn't it?  

BocaBum99, the original, will not like this piece of news.


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## DrQ (Jul 29, 2006)

Bluegreen adopted a poison pill clause this week.


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## BocaBum99 (Jul 29, 2006)

rickandcindy23 said:
			
		

> That's awful.  For Bluegreen to be associated with Westgate, that would be an oxymoron wouldn't it?
> 
> BocaBum99, the original, will not like this piece of news.



Yeah, I'm going to buy a bunch of shares and call option contracts on BXG as a hedge against my Bluegreen timeshare portfolio.  If Siegel takes it over, then at least I will make a bunch of money on it.

Can't cry over spilt milk.  Just need to figure out how to make money on it.... like investing in handiwipes.


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## rickandcindy23 (Jul 29, 2006)

Westgate is the absolutely worst company to consider taking over Bluegreen.  I have been looking into buying Bluegreen for a few months and find the system appealing, but with Westgate involved, I am worried it will become Westgate and lose its value.  What a sad thing.  

I do not understand big business, I wish I did.  I would also love to help Bluegreen fight the Snidely Whiplash who is trying to take it over, but I am not rich.  I was trying to find Bluegreen points for under 30 cents.


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## BocaBum99 (Jul 29, 2006)

rickandcindy23 said:
			
		

> I was trying to find Bluegreen points for under 30 cents.



Since you are a Realtor, that shouldn't be too hard for you to do.


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## Kola (Jul 29, 2006)

For details of company's response to "Mr. Seagull's" plans see here:
http://www.thetimesharebeat.com/2006/july/0728-04t.htm

Kola


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## JudyS (Jul 30, 2006)

Oh, no!  Just when I was thinking of buying Bluegreen!  (A week's worth of points, I mean.... not a controlling interest in the company!  )

I hope the take-over fails, although according to wikipedia, poison pills rarely work.  

I'm surprised that the owner of Westgate has enough money to buy this big a chunk of Bluegreen.  I'm *not* surprised that whomever owns Westgate makes money hand-over-fist, but I didn't know Westgate was a big enough operation to generate this sort of cash.

Boca, if Siegal buys a controlling share of Bluegreen, will you sell your BG resorts, or wait-and-see?  (Hedging your bets seems very wise!)


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## JLB (Jul 30, 2006)

BCWC would go from a 10 to a 1.


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## JLB (Jul 30, 2006)

FWIW, Mr. Seagull does have a big empire and would be capable of doing this, IMHO.

He has owners numbering into the hundreds of thousands and can milk them for whatever he needs, like other Orlando-based mega-resorts milk their lemmings.

But he can't milk us any more.  :whoopie:


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## BocaBum99 (Jul 30, 2006)

JudyS said:
			
		

> Oh, no!  Just when I was thinking of buying Bluegreen!  (A week's worth of points, I mean.... not a controlling interest in the company!  )
> 
> I hope the take-over fails, although according to wikipedia, poison pills rarely work.
> 
> ...



It would take at least a year or two for the transaction to close and for the policies to change so much as to destroy the value in the club.   Plenty of time to get out if required.

I wouldn't change my buying and selling strategy due to this situation.  It will be tough being a top executive in Bluegreen for the next year or so.  That is who will be impacted the most.


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## Vince @ Bluegreen (Aug 15, 2006)

*RE; Seagull *

Bluegreen will not be "taken over" by David Seigel of Westgate Resorts (CFI). Bluegreen management will never allow this to happen. I am a Bluegreen owner and employee and I will NEVER own with or work for that loser. He may know how to make himself wealthy, but he does not know much else.


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## BocaBum99 (Aug 15, 2006)

Vince @ Bluegreen said:
			
		

> Bluegreen will not be "taken over" by David Seigel of Westgate Resorts (CFI). Bluegreen management will never allow this to happen. I am a Bluegreen owner and employee and I will NEVER own with or work for that loser. He may know how to make himself wealthy, but he does not know much else.



Hey Vince,

Be careful about posting on these boards.  It's not a smart thing for employees to post about their employers.  Many have rules against that.

In any event, I hope you are right.  Don't under-estimate David Siegel.  He has lots of money and he is ruthless.  It may not matter what Bluegreen management wants.  That is what a hostile takeover is all about.

And you know, if you could only do one thing well, being able to make lots of money wouldn't be a bad skill to possess.


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## caribbean (Aug 15, 2006)

Hey, much like Cindy, I had decided I wanted some BG points sometime in the future. Since I really didn't need them any time soon, I was just waiting for a real cheap deal. Now I am really going to watch and wait. If Seigel is involved with BG, I don't want any part of it. Any news on what the status is at this point?


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## KenK (Aug 16, 2006)

Vince:
   Never is a mighty powerful word.  Sometimes $$$ is stronger.

I agree with Boca....be careful on the BBS...or at least make sure your employer can't ID you.


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## Tom52 (Aug 16, 2006)

Vince @ Bluegreen said:
			
		

> Bluegreen will not be "taken over" by David Seigel of Westgate Resorts (CFI). Bluegreen management will never allow this to happen. I am a Bluegreen owner and employee and I will NEVER own with or work for that loser. He may know how to make himself wealthy, but he does not know much else.



Hi Vince, glad to see you here.  You may not recall this but we had several conversations some months ago about UDIs at CMV and during our conversations I asked you if you were familiar with TUG and the Yahoo Bluegreen site. Since you were not I suggested to pay us a visit and join in to see what your customers have to say about Bluegreen.  Glad to see you here. 

Tom


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## dougp26364 (Aug 17, 2006)

Vince @ Bluegreen said:
			
		

> Bluegreen will not be "taken over" by David Seigel of Westgate Resorts (CFI). Bluegreen management will never allow this to happen. I am a Bluegreen owner and employee and I will NEVER own with or work for that loser. He may know how to make himself wealthy, but he does not know much else.



Hopefully, these aren't an example of famous final words. Mr. Seigel has a way of getting what he wants one way or another. I wouldn't count on BG management being able to stop him if it's something he really wants.


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## BocaBum99 (Aug 17, 2006)

dougp26364 said:
			
		

> Hopefully, these aren't an example of famous final words. Mr. Seigel has a way of getting what he wants one way or another. I wouldn't count on BG management being able to stop him if it's something he really wants.



I completely agree.  Interestingly, Bluegreen management has done a great job at keeping the troops calm.  In talking to many of them, they really believe in the Bluegreen Management's ability to ward off Siegel's attack.

I think the probability of a takeover is a lot higher than most employees believe.  If it does happen, there will be shock and awe inside the company.


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## Vince @ Bluegreen (Aug 17, 2006)

Tom52 said:
			
		

> Hi Vince, glad to see you here.  You may not recall this but we had several conversations some months ago about UDIs at CMV and during our conversations I asked you if you were familiar with TUG and the Yahoo Bluegreen site. Since you were not I suggested to pay us a visit and join in to see what your customers have to say about Bluegreen.  Glad to see you here.
> 
> Tom



Tom,

I DO remember! This site really is the best of its kind that I have seen. Thanks for the heads up on TUG


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## Vince @ Bluegreen (Aug 17, 2006)

BocaBum99 said:
			
		

> Hey Vince,
> 
> Be careful about posting on these boards.  It's not a smart thing for employees to post about their employers.  Many have rules against that.
> 
> ...



Hey BocaBum,

Siegel is a money maker, no question... and he should not be underestimated. That said, my money is on him failing in his attempts to take BG over.


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## mrspigdoc (Aug 17, 2006)

what would you expect him to do that would ruin Bluegreen?  What has he done in the past?
Thanks, Teresa


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## rickandcindy23 (Aug 17, 2006)

Some of the Westgate older properties have been run into the ground.  When they are done selling, the resorts just look bad.  The one next to Westgate Lakes has ugly grounds and the units have very old furniture.  If you exchange into Westgate, make sure you are in a newer resort.  RCI seems to have the bad ones.

Also, their sales pitch is infamously pushy.  We stayed at Lakes last year and our phone rang every morning.  We finally unplugged it one night and found it plugged back in the next.


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## dougp26364 (Aug 18, 2006)

mrspigdoc said:
			
		

> what would you expect him to do that would ruin Bluegreen?  What has he done in the past?
> Thanks, Teresa



With Westgate, it seems to be all about profit and nothing about owners. Everything done by Westgate is for Westgate at the owners expense.


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## maddaug (Aug 18, 2006)

We owned a timeshare in Missouri, gold crown and as soon as it bacame Westgate RCI pulled the gold plug on it. No reason, the resort was the same just the name change was enough.  

After a $100 special assessment we jumped ship and sold. Glad that's over!!!


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## ralphd (Aug 21, 2006)

According to the Sunday Orlando paper, David Siegel is building a 90,000 square foot house in Orlando. The house will be the largest occupied (some houses are larger, but are museums or etc) house in the U.S.
Your Westgate dollars have been well spent!


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## Carolinian (Aug 26, 2006)

Street Talk reports that there was an SEC filing on August 22 indicating that Siegel now owns 31.5% of Bluegreen.


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## rickandcindy23 (Aug 26, 2006)

Oh, no!  I hate the idea of Bluegreen becoming like Westgate.   

I guess I will leave that nice package on ebay alone for now.........


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## caribbean (Aug 27, 2006)

Can anyone explain to me how this works?? Has Bluegreen claimed their rights? Excerpt from Bluegreen "Poison Pill" :

Subject to the exceptions described above, if a person or group acquires 15% or more of the Company's outstanding common stock, each Right will entitle its holder (other than such person or members of such group) to purchase, at the Right's then-current exercise price, a number of the Company's common shares having a market value of twice such price. In addition, if the Company is acquired in a merger or other business combination transaction after a person has acquired 15% or more of the Company's outstanding common stock, each Right will entitle its holder to purchase, at the Right's then-current exercise price, a number of the acquiring company's common shares having a market value of twice such price. The person who acquired 15% or more of the Company's outstanding common stock will not be entitled to exercise these Rights.

Prior to the acquisition by a person or group of beneficial ownership of 15% or more of the Company's common stock, the Rights are redeemable for one cent per Right at the option of the Board of Directors. The Board of Directors is also authorized to reduce the 15% thresholds referred to above to not less than 10%. The dividend distribution will be made on August 16, 2006, payable to shareholders of record on that date, although the provisions of the Rights are in effect as of today. The distribution of Rights is not taxable to shareholders. The Rights will expire on July 27, 2016.

Thanks,


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## pedro47 (Aug 28, 2006)

Will 39% ownership of stocks make Mr. S the majority owner of this company?


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## Kona Lovers (Aug 29, 2006)

Would his owning Bluegreen affect those of us who own at the Pono Kai or Pacific Fantasy, that Bluegreen handles reservations and collecting mf's for?


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## Carolinian (Aug 29, 2006)

For Pono Kai, at least, Bluegreen is also buying up HOA weeks and holding onto them, and being rather assertive in election of the HOA board.  The latter action, in particular, should be of considerable concern right now, and would be much more so if Siegal takes control.  Homeowner democracy is NOT one of his trademarks.


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## RonaldCol (Sep 14, 2006)

*Bought Some Bluegreen Stock Two Weeks Ago*

I thought I'd take a watching position in Bluegren a few weeks ago. Bought a few shares at $11.25.

Wondering about a spread play: Long Bluegreen and Short Wyndham (symbol H, formerly Cendant RCI division). Just musing to myself. Early in the game.


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## Jollyhols (Sep 22, 2006)

This thread is quite depressing.  I am still trying to sell my Westgate unit at a great loss on the original price (though I have to admit its condition is ok really and it does have a nice view over the lake)


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