BankAtlantic Bancorp’s lead attorney presented a series of public documents in a shareholder class-action trial Tuesday showing its executives warned shareholders of a softening real estate market several months before a recession of historic proportions devastated the economy.
Among the documents company attorney Eugene Stearns offered was a transcript of a conference call with analysts and shareholders in February 2007. During that call, chief executive Alan Levan warned a weakening real estate market was beginning to affect the loan portfolio of subsidiary BankAtlantic. The Fort Lauderdale-based bank had begun working out nonperforming loans with borrowers but expected further deterioration later in the year.
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