SEC FORM 4

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

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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^*

LEVAN ALAN B

(Last)

(First)

(Middle)

2100 WEST CYPRESS CREEK ROAD

(Street)

FORT LAUDERDALE

33309

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
BFC FINANCIAL CORP [ BFCF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman / CEO / President

3. Date of Earliest Transaction (Month/Day/Year)
09/28/2009

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock, par value $0.01 per share	09/28/2009		S⁽¹⁾		351	D	$0.6	8,945	I	By BankAtlantic's 401(k) Plan
Class A Common Stock, par value $0.01 per share								57,672⁽²⁾	D
Class A Common Stock, par value $0.01 per share								1,299,130⁽²⁾	I	By Levan Enterprises, Ltd
Class A Common Stock, par value $0.01 per share								4,662,929⁽²⁾	I	By I.R.E. Properties, Inc.
Class A Common Stock, par value $0.01 per share								1,270,294⁽²⁾	I	By Florida Partners Corporation
Class A Common Stock, par value $0.01 per share								11,440⁽²⁾	I	Owned by spouse

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. On September 28, 2009, the reporting person directed the Trustee for BankAtlantic's 401(k) plan (the "Plan") to sell units in his account held in the Plan in order to participate in BankAtlantic Bancorp, Inc.'s rights offering to its shareholders. The reporting person was recently informed by the Trustee for the Plan that the sale of units held in his account was made proportionately from all assets in the account (including equivalent shares of the issuer's Class A Common Stock) and resulted in the sale of 351 equivalent shares of the issuer's Class A Common Stock. This Form 4 is being filed solely to report such sale.

2. The reporting person may also be deemed to beneficially own the following number of shares of the issuer's Class B Common Stock which are convertible on a share-for-share basis into the issuer's Class A Common Stock at any time in the holder's discretion: 2,100,706 shares held directly; 146,865 shares held of record by Levan Enterprises, Ltd.; 561,017 shares held of record by I.R.E. Properties, Inc.; 133,314 shares held of record by Florida Partners Corporation; and 1,200 shares held of record by his wife.

Remarks:

	John K. Grelle, Executive Vice President and Chief Financial Officer, BFC Financial Corporation, Attorney-in-Fact for Alan B. Levan	12/18/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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