Though Fort Lauderdale-based BankAtlantic Bancorp has priced a tender offer to repurchase debt at 20 cents on the dollar, the bank holding company appears stronger than its stingy offer might suggest.
“Quite frankly, we think it’s insulting, the offer they’ve given us,” said Brett Jefferson, president of New York City-based Hildene Capital Management. Hildene is one of 12 investment institutions that paid $285 million for debt securities that BankAtlantic Bancorp offered to buy back for $57 million.
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