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^*

Siegel David A

(Last)

(First)

(Middle)

5601 WINDHOVER DRIVE

(Street)

ORLANDO

32819

(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	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/18/2007

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)
Common Stock	05/18/2007		S		56,800	D	$12.5	8,963,596⁽¹⁾	I	See Footnote⁽²⁾

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)
Call Option (Obligation to Sell)	$12.5							12/26/2006	08/17/2007	Common Stock	32,000		320⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$15							01/03/2007	08/17/2007	Common Stock	50,000		500⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$15							01/10/2007	08/17/2007	Common Stock	12,000		120⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$15							01/12/2007	08/17/2007	Common Stock	21,000		210⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							01/23/2007	08/17/2007	Common Stock	8,000		80⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							03/21/2007	08/17/2007	Common Stock	20,200		202⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							03/21/2007	08/17/2007	Common Stock	20,000		200⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							03/21/2007	11/16/2007	Common Stock	30,000		300⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/04/2007	08/17/2007	Common Stock	6,000		60⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/04/2007	11/16/2007	Common Stock	20,000		200⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/07/2007	06/15/2007	Common Stock	40,000		400⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/07/2007	11/16/2007	Common Stock	41,000		410⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/08/2007	08/17/2007	Common Stock	20,000		200⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/08/2007	11/16/2007	Common Stock	2,000		20⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/09/2007	06/15/2007	Common Stock	20,000		200⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/09/2007	11/16/2007	Common Stock	1,000		10⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/10/2007	06/15/2007	Common Stock	20,000		200⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$15							01/31/2007	08/17/2007	Common Stock	50,000		500⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/04/2007	06/15/2007	Common Stock	40,000		400⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/15/2007	11/16/2007	Common Stock	50,000		500⁽¹⁾	I	See Footnote⁽²⁾
Call Option (Obligation to Sell)	$12.5							05/15/2007	06/15/2007	Common Stock	24,600		246⁽¹⁾	I	See Footnote⁽²⁾

Explanation of Responses:

1. The reporting of such derivative securities shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes other than Section 16 of the Securities Exchange Act of 1934, as amended.

2. David A. Siegel ("Mr. Siegel") beneficially owns the securities held by Central Florida Investments Inc. ("CFI") because Mr. Siegel controlls the David A. Siegel Revocable Trust ("Siegel Trust") and CFI.

Remarks:

	David A. Siegel	05/21/2007
	** 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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