I took a 10% position in BFC Financial in early December and classified it as "Reserved" in the tracking portfolio. It was an idea too good for me to have found on my own and was suggested to me by a far better investor than I am. My cost basis was $2.60.
It has since been written up on VIC and, today, at Seeking Alpha. I would add to the latter write up that I'd subtract $50 million (plus or minus) from the NAV estimate to account for the costs of litigating and settling the charges that the SEC has leveled at Levan, the CEO.
I'd add also that an alternative method of estimating Bluegreen's value is one suggested by Michael Burry in this post.
Disclosure: I am, for my sins, long BFCF
