From CNBC: St. Joe Shares Agrees to Let Fairholme Buy Up to 50% stake

Very interesting, curious, and gutsy. He's either bullish, or it's an accounting play, or both. Berkowitz has to currently mark his minority interest in JOE to market. If JOE becomes a subsidiary of Fairholme, Berkowitz can carry his interest at book value, thus insulatilng his investment fund from daily market gyrations... Europe is a basket case, Florida should benefit from money leaving Europe for the US.

CNBC video about this announcement (video will play after the commercial). Keep in mind, JOE is down almost 2 handles since this video was made on Friday. If I was a shareholder in Berkowitz' funds, I'd be more than a little concerned that he's taken his eye off the ball in an effort to become a Florida swampland land baron.

http://video.cnbc.com/gallery/?video=3000046063