SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Lopez Raymond Scott (Last) (First) (Middle) 4960 CONFERENCE WAY NORTH SUITE 100 (Street) BOCA RATON FL 33431 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol BLUEGREEN CORP [ BXG ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) SVP & Chief Accounting Officer
	3. Date of Earliest Transaction (Month/Day/Year) 11/11/2011
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Bluegreen Corporation Common Stock, par $0.01	11/11/2011		D		44,930(1)	D	$1.39(1)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$18.36	11/11/2011		D(2)			24,000	07/20/2010	07/20/2015	Bluegreen Corporation Common Stock, par $0.01	24,000	$0	0	D
Stock Option (Right to Buy)	$18.36	11/11/2011		A(2)		24,000		07/20/2010	11/25/2011	Bluegreen Corporation Common Stock, par $0.01	24,000	$0	24,000	D
Stock Option (Right to Buy)	$12.07	11/11/2011		D(3)			15,000	07/19/2011	07/19/2016	Bluegreen Corporation Common Stock, par $0.01	15,000	$0	0	D
Stock Option (Right to Buy)	$12.07	11/11/2011		A(3)		15,000		07/19/2011	11/25/2011	Bluegreen Corporation Common Stock, par $0.01	15,000	$0	15,000	D
Stock Option (Right to Buy)	$7.5	11/11/2011		D(4)			27,500	10/26/2011(5)	05/21/2015	Bluegreen Corporation Common Stock, par $0.01	27,500	$0	0	D
Stock Option (Right to Buy)	$7.5	11/11/2011		A(4)		27,500		10/26/2011(5)	11/25/2011	Bluegreen Corporation Common Stock, par $0.01	27,500	$0	27,500	D

Explanation of Responses:

1. Represents unvested restricted shares of the issuer's common stock which were relinquished by the reporting person (and cancelled by the issuer) in exchange for cash payments totaling $62,570 to be made to the reporting person in two equal installments on December 31, 2011 and December 31, 2012.

2. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option, which was originally granted on July 20, 2005, was amended solely to change its expiration date from July 20, 2015 to November 25, 2011.

3. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option, which was originally granted on July 19, 2006, was amended solely to change its expiration date from July 19, 2016 to November 25, 2011.

4. The two reported transactions involved an amendment of an outstanding option, resulting in the deemed cancellation of the "old" option and the grant of a replacement option. The option, which was originally granted on May 21, 2008, was amended solely to change its expiration date from May 21, 2015 to November 25, 2011.

5. The vesting date of the option was previously accelerated by the compensation committee of the issuer's board of directors from May 21, 2013 (or earlier under certain circumstances) to October 26, 2011.

	Anthony M. Puleo as Attorney-in-fact for Raymond Lopez	11/15/2011
	** Signature of Reporting Person	Date
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