BankAtlantic Bancorp Announces Status of and
Extends Deadline for Offers to Purchase and
Consent Solicitations for Non-Publicly Traded
Trust Preferred Securities
July 21, 2010 08:18 AM Eastern Daylight Time
FORT LAUDERDALE, Fla.--(EON: Enhanced Online News)--BankAtlantic Bancorp, Inc. (NYSE: BBX) (the
“Company”) reported today that Hexagon Securities, the dealer manager and solicitation agent for the Offers, has
notified the Company that it has received consents from the holders of in excess of 66 2/3% of the most-senior
classes of notes issued by Preferred Term Securities IX, Inc. (“PreTSL IX”). The consents direct the trustee of
PreTSL IX, The Bank of New York Mellon, to accept the Offer for $25.2 million aggregate principal amount of the
Fixed/Floating Rate Capital Securities of BBC Capital Statutory Trust X (the “BBC X TruPS”) held by PreTSL IX.
As previously disclosed in a Form 8-K filed with the SEC on April 28, 2010, The Bank of New York Mellon has
advised the Company that it will not accept the Offers in which they are involved without receiving a greater
percentage of consents than the Company believes is required by the applicable indentures. The Company disagrees
with The Bank of New York Mellon’s interpretation and has filed a lawsuit seeking a declaratory judgment and
order relating to the required authorizations.
Because each series of TruPS is held as part of a larger pool of securities by one or more trustees or nominees, each
trustee or nominee will not act until it believes it has the requisite authority from the ultimate beneficial holders who,
pursuant to the terms of their individual instruments, hold the right to authorize the trustee or nominee to accept the
applicable Offer. To our knowledge, as of 5:00 p.m., Eastern Time, on July 20, 2010, the requisite authority had not
been obtained with respect to any of the series of TruPS, other than the BBC X TruPS held by PreTSL IX, and
none of the TruPS had been tendered.
The Company also announced today that it i