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

[iqueequeg]

http://www.cnbc.com/

No other details yet...

 

[austin101]

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.

 

[SHELLY]

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