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Bruce Berkowitz Is Trying to Reform St. Joe & Company But David Einhorn Is Not a Believer

February 17, 2011 | About:
Bruce Berkowitz, co-founder of Fairholme Capital Management LLC, who resigned this week from the board of St. Joe Co., talks about his bid to replace the board of northern Florida's largest private landholder. Berkowitz and Fairholme President Charles Fernandez, who also resigned from St. Joe's board, hired executive search firm Spencer Stuart and nominated themselves to the board. Fairholme is St. Joe's biggest shareholder, owning about 29 percent of the developer. Berkowitz speaks with Betty Liu and Jon Erlichman on Bloomberg Television's "In the Loop."

(Source: Bloomberg)

But David Einhorn is not a bliever, according to an e-mail a Greenlight spokesman sent to Forbes:
There is a considerable gap between timberland and conservation values that support a single-digit share valuation for St. Joe and the current public market valuation that implies that undeveloped rural land in the Florida Panhandle is worth more than Iowa farmland. The land values don’t justify the stock price. We do not believe cutting some executive compensation expenses or installing a new management team would bridge that gap.

Read the full text of Forbes article here.

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