Fairholme’s Bruce Berkowitz is seeking to restructure and lead The St. Joe Company's board, according to a story brokered by CNBC this morning:
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A source close to the situation tells CNBC Berkowitz, whose mutual fund Fairholme Capital Management LLC, owns 29.7% of the company, is proposing to remove the company's chairman Hugh Durden and three other directors. Under Fairholme's proposal, Berkowitz, would become chairman and Charles Fernandez, President of Fairholme would become vice chairman of the board.
In addition Fairholme plans to hire a financial advisor to explore possible bolt on acquisitions and/or joint ventures for commercial and residential real estate development. A person close to the situation also said a deal to lease 41,000 acres of timberland is close to being signed and will generate between $80 million to $100 million for St. Joe over a twenty year period. Much of the money from the deal will be paid up front, providing needed cash for acquisitions and joint ventures.
Here is a clip with the latest on St. Joe stock and Bruce Berkowitz:
And more analysis:
