Fort Lauderdale's Levitt Corp., having separated itself last year from its bankrupt Levitt and Sons home-building subsidiary, now wants to shed its name.
Levitt has asked shareholders to approve a name change to Woodbridge Financial Corp. The name change will be taken up May 20 at the company's annual meeting. If approved, the company will seek to change its ticker symbol to WDG from LEV.
''In light of the company's intention to broaden its activities beyond its current real estate operations, [Levitt's] board has determined that it would be appropriate to change the company's name to reflect this change of direction,'' Levitt explains in a proxy statement filed this week.
Just what areas Woodbridge intends to invest in wasn't mentioned. A call to the company wasn't returned.
A Levitt subsidiary is the general partner of Woodbridge Equity Fund. Levitt and the fund last month waged a proxy fight against struggling retailer Office Depot of Delray Beach. The fight ended after Levitt and the fund withdrew their proposed nominees for Office Depot's board.
Levitt ''deconsolidated'' Levitt and Sons when the home builder filed for Chapter 11 in November. Levitt and Sons couldn't overcome the deteriorating real estate market.
Levitt and Sons isn't expected to remain in the home-building business. The bankruptcy likely could mark the end for a company famous for its construction of Levittown, a mass-produced Long Island subdivision built after World War II.
Levitt, the parent, remains engaged in real estate activities through its Core Communities subsidiary -- a developer of master-planned communities in Florida and South Carolina. Levitt also has an investment in Bluegreen Corp.
