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Certain Relationships And Related Party Transactions
12 Months Ended
Dec. 31, 2019
Certain Relationships And Related Party Transactions [Abstract]  
Certain Relationships And Related Party Transactions

23.    Certain Relationships and Related Party Transactions



The Company may be deemed to be controlled by Alan B. Levan, the Company’s Chairman and Chief Executive Officer, and John E. Abdo, the Company’s Vice Chairman. Together, Mr. Alan Levan and Mr. Abdo may be deemed to beneficially own shares of the Company’s Class A Common Stock and Class B Common Stock representing approximately 78% of the Company’s total voting power. Mr. Alan Levan and Mr. Abdo also serve as Chairman and Vice Chairman, respectively, of Bluegreen’s board of directors, and effective January 1, 2020, Mr. Alan Levan also became Bluegreen’s President and Chief Executive Officer. Jarett S. Levan, the Company’s President and son of Alan Levan, and Seth M. Wise, the Company’s Executive Vice President, also serve as directors of the Company and Bluegreen.



Woodbridge is a wholly-owned subsidiary of BBX Capital and owns 90.5% of Bluegreen as of December 31, 2019. 



During the years ended December 31, 2019, 2018, and 2017, Bluegreen paid or reimbursed the Company $1.7 million,  $1.6 million, and $1.5 million, respectively, for management advisory, risk management, administrative, and other services. In addition, during the years ended December 31, 2019, 2018, and 2017, the Company received dividends from Bluegreen of $43.0 million,  $40.4 million, and $40.0 million, respectively. These amounts are eliminated in consolidation in the Company’s consolidated financial statements.



In April 2015, pursuant to a Loan Agreement and Promissory Note, a wholly-owned subsidiary of Bluegreen provided an $80.0 million loan to BBX Capital. Amounts outstanding on the loan bore interest at a rate of 10% per annum until July 2017, when the interest rate was reduced to 6% per annum. Payments of interest are required on a quarterly basis, and all outstanding amounts under the loan are due and payable in April 2020. BBX Capital is permitted to prepay the loan in whole or in part at any time, and prepayments will be required, to the extent necessary, in order for Bluegreen or its subsidiaries to remain in compliance with covenants under outstanding indebtedness. During the years ended December 31, 2019, 2018, and 2017, BBX Capital paid interest expense on the loan of $4.8 million, $4.8 million, and $6.4 million, respectively. The interest expense is eliminated in consolidation in the Company’s consolidated financial statements.



In May 2015, the Company, BCC, Woodbridge, Bluegreen, Renin, and their respective subsidiaries entered into an Agreement to Allocate Consolidated Income Tax Liability and Benefits pursuant to which, among other customary terms and conditions, the parties agreed to file consolidated federal tax returns. Under the agreement, the parties calculate their respective income tax liabilities and attributes as if each of them were a separate filer. If any tax attributes of one party to the agreement are used by another party to the agreement to such other party’s tax liability, the party providing the benefit will receive an amount for the tax benefits realized. During the years ended December 31, 2019, 2018, and 2017, Bluegreen paid the Company $13.0 million,  $23.1 million, and $39.3 million, respectively, pursuant to this agreement. During the year ended December 31, 2019, BBX Capital received $1.0 million from Renin pursuant to the agreement. These amounts are eliminated in consolidation in the Company’s consolidated financial statements.



During each of the years ended December 31, 2019, 2018 and 2017, the Company paid Abdo Companies, Inc. approximately $306,000 in exchange for certain management services. John E. Abdo, the Company’s Vice Chairman, is the principal shareholder and Chief Executive Officer of Abdo Companies, Inc.



Certain of the Company’s affiliates, including its executive officers, have independently made investments with their own funds in investments that the Company has sponsored or in which the Company holds investments.