BFC turns to subsidiary for $80M loan for BBX share purchase

BFC Financial Corp. didn’t have to look far to finance its purchase of BBX Capital Corp. shares: A company it has majority ownership of promised it an $80 million loan.

Fort Lauderdale-based BFC (Pink Sheets: BFCF) previously offered shareholders of Fort Lauderdale-based BBX Capital Corp. (NYSE: BBX) $20 each to purchase up to 4.77 million shares. Costing up to $95.5 million, the offering would bring BFC’s ownership of BBX from 51 percent equity to 81 percent equity.

The issue is who would…