Change in term length of BG Corporation's Board of Directors

[crwisconsin Senior Member Find all posts View Profile Close crwisconsin]

Previously the term length of BG Corporation's Board of Directors was 3 years and were staggered. This was recently changed to 1 year terms (quote below). Does anyone in the group know why?

See November 18 document at

Bluegreen Corporation - Investor Relations - Bluegreen Corporation - SEC Filings

"Article II, Section 2 is hereby deleted in its entirety and replaced with the following:
Section 2. Term. Effective November 17, 2010, each director elected to the board shall hold office for a term expiring at the corporation’s next annual meeting of stockholders and until such director's successor shall have been duly elected and qualified. Notwithstanding the foregoing, the terms of the corporation’s incumbent directors as of November 17, 2010 shall remain unchanged,..."

Charles

[midmobuilder Junior Member Find all posts View Profile Close midmobuilder]

It's my opinion this is all a facade anyway. Each year they seek people interested in running for a member representative slot. Each year, they declare lack of quorum at the meeting (DUH!!! it's in Boca Raton and your members live all over the country!!) and then just extend the present representatives term.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

It's my opinion this is all a facade anyway. Each year they seek people interested in running for a member representative slot. Each year, they declare lack of quorum at the meeting (DUH!!! it's in Boca Raton and your members live all over the country!!) and then just extend the present representatives term.

You are confusing the term of a member of the Bluegreen Corporation Board of Directors vs. the Bluegreen Vacation Club Board of directors.

One is a publicly traded company listed on the NYSE and the other is a small organization that holds the deeds for a timeshare organization.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

Previously the term length of BG Corporation's Board of Directors was 3 years and were staggered. This was recently changed to 1 year terms (quote below). Does anyone in the group know why?

See November 18 document at

Bluegreen Corporation - Investor Relations - Bluegreen Corporation - SEC Filings

"Article II, Section 2 is hereby deleted in its entirety and replaced with the following:
Section 2. Term. Effective November 17, 2010, each director elected to the board shall hold office for a term expiring at the corporation’s next annual meeting of stockholders and until such director's successor shall have been duly elected and qualified. Notwithstanding the foregoing, the terms of the corporation’s incumbent directors as of November 17, 2010 shall remain unchanged,..."

Charles

It's strange. The only thing I can think of is that they want to be able to change Board Members more quickly.