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<B><FONT SIZE=2><P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">Washington, D.C. 20549</P>
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</FONT><B><FONT SIZE=4><P ALIGN="CENTER">FORM 8-K</P>
</B></FONT><FONT SIZE=2>
<B><P ALIGN="CENTER"> CURRENT REPORT</P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of </P>
<P ALIGN="CENTER">The Securities Exchange Act of 1934</P>
</B>
<P ALIGN="CENTER">Date of Report (Date of Earliest Event Reported): February 26, 2007</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><B><U><FONT SIZE=4><P ALIGN="CENTER">BLUEGREEN CORPORATION</P>
</B></U></FONT><FONT SIZE=2><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>
</FONT>
<B><U><P ALIGN="CENTER">Massachusetts </P>
</B></U><FONT SIZE=2><P ALIGN="CENTER">(State or other jurisdiction of incorporation) </P>
<P ALIGN="CENTER"></P></FONT>
<P ALIGN="CENTER"><CENTER><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=468>
<TR><TD WIDTH="44%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">0-19292</B></FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">03-0300793</B></FONT></TD>
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<TR><TD WIDTH="44%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">(Commission File Number)</FONT></TD>
<TD WIDTH="10%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="46%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">(IRS Employer Identification No,)</FONT></TD>
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<B><U><P ALIGN="CENTER">4960 Conference Way North, Suite 100, Boca Raton, Florida 33431</P>
</B></U><P ALIGN="CENTER">(Address of principal executive offices) (Zip Code)</P>
<P ALIGN="CENTER">Registrant's telephone number, including area code: (561) 912-8000</P>
<P>&nbsp;</P>
<P>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P>[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P>[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P>[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR </P>
<P>240.14d-2(b))</P>
<P>[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR</P>
<P>240.13e-4(c))</P>
<B><P><A NAME="id_0_3"><A NAME="id_0_4"></A></A> </FONT>Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</P>
</B><FONT SIZE=2>
<P ALIGN="JUSTIFY">We have formed a statutory business trust, Bluegreen Statutory Trust VI (&quot;BST VI&quot;), for the purpose of issuing trust preferred securities.  On February 26, 2007 BST VI issued $20.0 million of trust preferred securities.  BST VI used the proceeds from issuing the trust preferred securities to purchase an identical amount of junior subordinated debentures from us. Interest on the junior subordinated debentures and distributions on the Trust Preferred Securities will be payable quarterly in arrears at a fixed rate of 9.842% through April 2012, and thereafter at a floating rate of 4.80% over the 3-month LIBOR until the scheduled maturity date of April 30, 2037. Distributions on the trust preferred securities will be cumulative and based upon the liquidation value of the trust preferred security.   The trust preferred securities will be subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption.  The junior subordinated debentures are redeemable at any time after five years from the issue date or sooner following certain specified events.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">In addition, we contributed $619,000 to BST VI in exchange for its common securities, all of which are owned by us, and those proceeds were also used to purchase an identical amount of junior subordinated debentures from us. The terms of BST VI's common securities are nearly identical to the trust preferred securities.</P>
<P ALIGN="JUSTIFY"></P>
<P ALIGN="JUSTIFY">The issuance of trust preferred securities was part of a larger pooled trust securities offering which was not registered under the Securities Act of 1933.  Proceeds of the offering will be used for general corporate purposes and debt repayment.</P>
<P><A NAME="id_0_5"><A NAME="id_0_6"></A></A></P>
</FONT><B><P>Item&nbsp;9.01 Financial Statements and Exhibits.</B> </P>
<FONT SIZE=2><P>(C) <U>Exhibits</U>. The following exhibits are filed as part of this report: </P>
<P>&#9;</P><DIR>
<DIR>
<P ALIGN="JUSTIFY">10.7  &#9;Amended and Restated Trust Agreement among Bluegreen Corporation as Depositor, Wilmington Trust Company as Property Trustee and Delaware Trustee, and various Administrative Trustees, dated as of February 26, 2007 (Bluegreen Statutory Trust VI).</P>
<P ALIGN="JUSTIFY">10.8  &#9;Junior Subordinated Indenture between Bluegreen Corporation and Wilmington Trust Company as Trustee, dated as of February 26, 2007.</P>
<P>&nbsp;</P></DIR>
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<B><P ALIGN="CENTER"> SIGNATURE</P>
</B>
<P>Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
<P>&nbsp;</P>
<P>Date: March 1, 2007 &#9;&#9;&#9;&#9;&#9;By:<U> /S/ ANTHONY M. PULEO</P><DIR>
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</U><P>Anthony M. Puleo</P>
<P>Senior Vice President, Chief Financial Officer &amp; Treasurer</P>
<P>&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P></DIR>
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<B><P ALIGN="CENTER">EXHIBIT INDEX</B> </P>
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<P ALIGN="CENTER">&nbsp;</P><DIR>
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<P ALIGN="JUSTIFY">10.7  &#9;Amended and Restated Trust Agreement among Bluegreen Corporation as Depositor, Wilmington Trust Company as Property Trustee and Delaware Trustee, and various Administrative Trustees, dated as of February 26, 2007 (Bluegreen Statutory Trust VI).</P>
<P ALIGN="JUSTIFY">10.8  &#9;Junior Subordinated Indenture between Bluegreen Corporation and Wilmington Trust Company as Trustee, dated as of February 26, 2007.</P>
<P ALIGN="CENTER"></P>
<P ALIGN="CENTER">&nbsp;</P></DIR>
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SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): February 26, 2007
BLUEGREEN CORPORATION
(Exact name of registrant as specified in its charter)
Massachusetts
(State or other jurisdiction of incorporation)
0-19292
03-0300793
(Commission File Number)
(IRS Employer Identification No,)
4960 Conference Way North, Suite 100, Boca Raton, Florida 33431
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (561) 912-8000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
We have formed a statutory business trust, Bluegreen Statutory Trust VI ("BST VI"), for the purpose of issuing trust preferred securities.  On February 26, 2007 BST VI issued $20.0 million of trust preferred securities.  BST VI used the proceeds from issuing the trust preferred securities to purchase an identical amount of junior subordinated debentures from us. Interest on the junior subordinated debentures and distributions on the Trust Preferred Securities will be payable quarterly in arrears at a fixed rate of 9.842% through April 2012, and thereafter at a floating rate of 4.80% over the 3-month LIBOR until the scheduled maturity date of April 30, 2037. Distributions on the trust preferred securities will be cumulative and based upon the liquidation value of the trust preferred security.   The trust preferred securities will be subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption.  The junior subordinated debentures are redeemable at any time after five years from the issue date or sooner following certain specified events.
In addition, we contributed $619,000 to BST VI in exchange for its common securities, all of which are owned by us, and those proceeds were also used to purchase an identical amount of junior subordinated debentures from us. The terms of BST VI's common securities are nearly identical to the trust preferred securities.
The issuance of trust preferred securities was part of a larger pooled trust securities offering which was not registered under the Securities Act of 1933.  Proceeds of the offering will be used for general corporate purposes and debt repayment.
Item 9.01 Financial Statements and Exhibits.
(C)
Exhibits
. The following exhibits are filed as part of this report:
10.7  	Amended and Restated Trust Agreement among Bluegreen Corporation as Depositor, Wilmington Trust Company as Property Trustee and Delaware Trustee, and various Administrative Trustees, dated as of February 26, 2007 (Bluegreen Statutory Trust VI).
10.8  	Junior Subordinated Indenture between Bluegreen Corporation and Wilmington Trust Company as Trustee, dated as of February 26, 2007.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: March 1, 2007 					By:
/S/ ANTHONY M. PULEO
Anthony M. Puleo
Senior Vice President, Chief Financial Officer & Treasurer
EXHIBIT INDEX
10.7  	Amended and Restated Trust Agreement among Bluegreen Corporation as Depositor, Wilmington Trust Company as Property Trustee and Delaware Trustee, and various Administrative Trustees, dated as of February 26, 2007 (Bluegreen Statutory Trust VI).
10.8  	Junior Subordinated Indenture between Bluegreen Corporation and Wilmington Trust Company as Trustee, dated as of February 26, 2007.