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UNITED STATES OMB Number: 3235-0145
SECURITIES AND EXCHANGE COMMISSION Expires: October 31, 2002
Washington, D.C. 20549 Estimated average burden
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SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ____________ ) *
BankAtlantic Bancorp, Inc.
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(Name of Issuer)
Class A Common Stock, par value $0.01
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(Title of Class of Securities)
065908501
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(CUSIP Number)
July 11, 2008
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the ACT
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. Ryan Heslop
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 2,720,000
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 2,720,000
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 2,720,000
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 5.3%
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12. Type of Reporting Person (See Instructions) IN
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Page 2 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. Ariel Warszawski
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization United States
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 2,720,000
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 2,720,000
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 2,720,000
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 5.3%
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12. Type of Reporting Person (See Instructions) IN
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Page 3 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. Firefly Value Partners, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 2,720,000
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 2,720,000
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 2,720,000
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 5.3%
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12. Type of Reporting Person (See Instructions) PN
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Page 4 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. FVP GP, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 2,720,000
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 2,720,000
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 2,720,000
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 5.3%
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12. Type of Reporting Person (See Instructions) OO
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Page 5 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. Firefly Management Company GP, LLC
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 2,720,000
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 2,720,000
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 2,720,000
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 5.3%
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12. Type of Reporting Person (See Instructions) OO
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Page 6 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. FVP Master Fund, L.P.
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Cayman Islands
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 1,399,986
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 1,399,986
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 1,399,986
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 2.7%
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12. Type of Reporting Person (See Instructions) PN
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Page 7 of 11 pages
CUSIP No. 065908501
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1. Names of Reporting Persons. FVP US-Q, LP
I.R.S. Identification Nos. of above persons (entities only).
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [X]
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3. SEC Use Only
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4. Citizenship or Place of Organization Delaware
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Number of 5. Sole Voting Power 0
Shares --------------------------------------------------------------
Beneficially 6. Shared Voting Power 1,320,014
owned by Each --------------------------------------------------------------
Reporting 7. Sole Dispositive Power 0
Person With: --------------------------------------------------------------
8. Shared Dispositive Power 1,320,014
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9. Aggregate Amount Beneficially Owned by Each Reporting
Person 1,320,014
10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions) [ ]
11. Percent of Class Represented by Amount in Row (9) 2.6%
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12. Type of Reporting Person (See Instructions) PN
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Page 8 of 11 pages
Item 1.
(a) The name of the issuer is BankAtlantic Bancorp, Inc. (the "Issuer").
(b) The principal executive office of the Issuer is located at 2100 West
Cypress Creek Road, Fort Lauderdale, Florida 33309.
Item 2.
(a) This statement (this "Statement") is being filed by: (i) FVP Master Fund,
L.P., a Cayman Islands exempted limited partnership ("FVP Master Fund"),
(ii) FVP US-Q, LP, a Delaware limited partnership ("FVP Fund" and,
together with the FVP Master Fund, "Funds"), (iii) Firefly Value Partners,
LP, a Delaware limited partnership ("Firefly Partners"), which serves as
the investment manager of the Funds, (iv) FVP GP, LLC, a Delaware limited
liability company ("FVP GP"), which serves as the general partner of the
Funds, (v) Firefly Management Company GP, LLC, a Delaware limited
liability company ("Firefly Management"), which serves as the general
partner of Firefly Partners, and (vi) Messrs. Ryan Heslop and Ariel
Warszawski, the managing members of FVP GP and Firefly Management (all of
the foregoing, collectively, "Reporting Persons"). The Funds are private
investment vehicles formed for the purpose of investing and trading in a
wide variety of securities and financial instruments. The Funds directly
own all of the shares reported in this Statement. Messrs. Heslop and
Warszawaki, Firefly Partners, Firefly Management and FVP GP may be deemed
to share with the Funds voting and dispositive power with respect to such
shares. Each Reporting Person disclaims beneficial ownership with respect
to any shares other than those owned directly by such Reporting Person.
(b) The Principal Business Office of the FVP Master Fund is:
c/o Ogier Fiduciary Services (Cayman) Limited
Queensgate House
113 South Church Street
P.O. Box 1234GT
Grand Cayman, KY1-1108, Cayman Islands
The Principal Business Office of Messrs. Heslop and Warszawski, Firefly
Partners, FVP GP, Firefly Management and the FVP Fund is:
237 Park Ave., 9th Floor, New York, NY 10017
(c) For citizenship information see item 4 of the cover sheet of each
Reporting Person.
(d) This Statement relates to the Class A Common Stock of the Issuer.
(e) The CUSIP Number of the Class A Common Stock of the Issuer is 065908501.
Item 3. If this statement is filed pursuant to 240.13d-1(b), or 240.13d-2(b)
or (c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C.
78o).
(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15
U.S.C. 78c).
(d) [ ] Investment company registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [ ] An employee benefit plan or endowment fund in accordance with
240.13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
240.13d-1(b)(1)(ii)(G);
(h) [ ] A savings associations as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with 240.13d-1(b)(1)(ii)(J);
Not applicable.
Page 9 of 11 pages
Item 4. Ownership.
See Items 5-9 and 11 on the cover page for each Reporting Person, and Item 2.
The percentage ownership of each Reporting Person is based on 51,382,764 shares
of Class A Common Stock outstanding as of May 6, 2008, as reported on the
Issuer's quarterly report on Form 10-Q filed on May 12, 2008 for the quarterly
period ended March 31, 2008.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [ ].
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on By the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
(a) Not applicable.
(b) By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held
in connection with or as a participant in any transaction having that
purpose or effect.
Page 10 of 11 pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: July 21, 2008
/s/ Ryan Heslop
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Ryan Heslop
Ariel Warszawski
Firefly Value Partners, LP
FVP GP, LLC
Firefly Management Company GP, LLC
FVP Master Fund, L.P.
FVP US-Q, LP
By: /s/ Ariel Warszawski
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Ariel Warszawski, for himself and as Managing
Member of FVP GP and Firefly Management
Page 11 of 11 pages
EXHIBIT INDEX
Exhibit No. Document
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1 Joint Filing Agreement, dated July 21, 2008, among Ryan Heslop,
Ariel Warszawski, Firefly Value Partners, LP, FVP GP, LLC,
Firefly Management Company GP, LLC, FVP Master Fund, L.P. and
FVP US-Q, LP to file this joint statement on Schedule 13G
Exhibit 1
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Class A Common Stock, par value $0.01 per share, of BankAtlantic
Bancorp, Inc., and further agree that this Joint Filing Agreement be included as
an Exhibit to such joint filing. In evidence thereof, the undersigned hereby
execute this Agreement.
Dated: July 21, 2008
/s/ Ryan Heslop
-------------------------------------------
Ryan Heslop
Ariel Warszawski
Firefly Value Partners, LP
FVP GP, LLC
Firefly Management Company GP, LLC
FVP Master Fund, L.P.
FVP US-Q, LP
By: /s/ Ariel Warszawski
----------------------------------------
Ariel Warszawski, for himself and as
Managing Member of FVP GP and Firefly
Management