SEC launches inquiry in JOE

[Chuckster]

i don't... I also don't find it to be a conspiracy at all, that Einhorn would make several calls to the SEC, to share his concerns on JOE, even though he was 'short' JOE stock. The SEC is very sensitive to such inquiries nowadays, post Madoff...especially when they have many friends in the hedge funds short a stock like JOE, who really try their best to influence these public servants.
Einhorn is allowed that lattitude, it makes it easier for him to profit from his short positions for sure, usually.

Unfortunately, the problem here for shorts is that the stock is going to continue going up, because JOE is drastically undervalued in the context of a global recovery in asset prices/inflation. I'm told on good authority that the junior analyst that prepared the initial idea for Einhorn, is so New York centric, he (and Einhorn in his Marie Antoinette moment) had no idea that anyone actually wanted to live or retire or vacation ANYWHERE beyond 3 coasts in America (New Jersey to Boston), San Diego to Seattle, and Vero Beach around to Naples. c'est vrai dis Einhorn!!!

I agree that JOE is undervalued in the context of the long term U.S. economic recovery. Florida is the only place in America where people will pay a cool million for a tiny lot in a virtual swamp! It might have something to do with the trend in the weather this year! I read today that snow was present in 49 states. I wonder which one didn't have it? I predict people will begin to flood the Sunshine state
over the next 5 years just to thaw out!

 

[coondog]

Bruce Berkowitz is resigning from the St. Joe Company (NYSE: JOE) board this morning, as witnessed in this 13-D filing.
In an email disclosed in the filing, Berkowitz writes:
Directors of St. Joe:
The two of us have discussed the situation at St. Joe and its nominating and governance process. We will not stand for re-election except as part of a Board where a majority of the directors are committed to shareholder value, pay for performance, and effective corporate governance.
After working with the current Board over these past weeks, we have concluded that the current Board is not in a position to propose such a slate of directors.
Accordingly, we withdraw our names from consideration by the Nominating and Governance Committee for election at the Annual General Meeting, and we resign from the Board of St. Joe effective immediately.


​

 

[coondog]

NEW YORK, Feb 16 (Reuters) - Mutual fund manager Bruce Berkowitz on Wednesday stepped up his battle with St. Joe Co (JOE.N), laying out a plan to replace the board of directors of the Florida land company where he is the largest shareholder.
The fight for control comes as St. Joe, owner of more than a half-million acres in one of the hardest-hit U.S. real estate markets, is considering putting itself up for sale, among other options.
Berkowitz, 52, who runs Fairholme Capital Management LLC, had championed St. Joe even as another prominent investor attacked it. But he quit the board on Monday, six weeks after joining, saying the panel was too entrenched.
"I tried to do it at the board of director level," Berkowitz told Reuters in a telephone interview. "It just didn't work, and I'd like to see really great change before I die of old age."
The company has corporate governance policies that present road blocks to change and it pays its executives and others too much, Berkowitz said.
"The bottom line: the company is bleeding," he said. "The company does have valuable assets. It's good to be optimistic, but you have to be prepared for adversity. You stop losing money, stop paying so much, stop with the fancy consultants, stop with the country club environment, stop with the crazy litigation."
He called the company's lawsuit against BP Plc's (BP.L) (BP.N) partners Transocean Ltd (RIG.N) (RIGN.VX) and Halliburton Co (HAL.N) for lost property value due to the Gulf oil spill.