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coondog

Beach Lover
Apr 27, 2009
153
29
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.


 

robertsondavies

Beach Fanatic
Apr 16, 2006
499
27
I have spent years getting a firsthand look at how JOE does business and how it interacts with the community. They are the antithesis of companies I choose to invest in on EVERY point.

1) Horrible environmental record
2) Do not pay a dividend
3) Lots of lobbying politicians to get the rules changed in their favor
4) Do not treat their employees well
5) More interested in the short term spreadsheet than long term planning
6) Leadership from outside instead of promoting from within the company
7) High turnover rate
8) Business model based on constant expansion and sales of a finite commodity

My point was that Sowal and Joe are 2 very different beasts - and I would invest in Sowal.

I would also invest in some of the great people working for Joe/Noble House/etc. but that isn't an option either.

Management has been grossly overpaid, and probably as you say "hasn't interacted with the community" how you'd like to see them. A lot of real estate company managements are not loved now, after the biggest bust in 4 generations, so partly this is all timing.
Management is in the process of being changed. Interaction with the community shall improve with this I suppose. They're going to be privately held, and managed for the long term soon. Stay tuned. or don't. You are hard pressed to find any other corner of this country as neatly represented by one publicly traded company as JOE is representative of a liquid form of investment in South Walton.
 

scooterbug44

SoWal Expert
May 8, 2007
16,736
3,327
Sowal
No matter what I say, you'll just hear what you want. :roll:

Dude, JOE sucks as a stock. Get over it already.

Excuses, BS, and incompetent execs do not a good investment make.

I'll take the money you want me to invest in JOE and spend it at local businesses not trying to strip mine my home.

Even if I lose by your standards, I'll win by mine.
 

robertsondavies

Beach Fanatic
Apr 16, 2006
499
27
No matter what I say, you'll just hear what you want. :roll:

Dude, JOE sucks as a stock. Get over it already.

Excuses, BS, and incompetent execs do not a good investment make.

I'll take the money you want me to invest in JOE and spend it at local businesses not trying to strip mine my home.

Even if I lose by your standards, I'll win by mine.

easy Ghandi. I'm going to take all my money ( and maybe some JOE profits from the last couple months) and pour them into local businesses, locally owned, organically fed, globally thoughtful, locally active. Even if I lose by your standards, I'll win by mine.

But its hard to argue with "dude" JOE "sucks" as a stock, and when you boldface that JOE is 'not' a good investment, that's when I backaway from the dialogue, b/c you've already clearly won, in bold, because you also hate Walmart and shop locally pass the bong
 

beachFool

Beach Fanatic
May 6, 2007
938
442
robertsondavies;723102 What you're buying when you buy JOE is a piece of Northwest Florida at timberland price said:
PCL Basic Chart | Plum Creek Timber Company, Inc. Stock - Yahoo! Finance

RE: TIMBERLAND

Compare Plum Creek Timber with JOE

Not only has it trounced JOE, PCL currently pays a 1.68 dividend.

THIS IS NOT INTENDED TO BE INVESTMENT ADVICE.

WE DO NOT RECOMMEND OWNING INDIVIDUAL STOCKS.

I AM A REGISTERED INVESTMENT ADVISOR IN FLORIDA AND GEORGIA.

CONSULT WITH A FINANCIAL PROFESSIONAL BEFORE MAKING ANY INVESTMENT DECISIONS.
 

PJJ

Beach Lover
Oct 27, 2007
112
19
Interesting - they said the reason they did this was to deter hostile takeover attempts.

Not as much a traditional hostile takeover than a shareholder takeover. Classic battle between management and shareholders played out in public and in our back yard.
 
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