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St. Joe Co. Fairholme Capital Management

St. Joe Co. Fairholme Capital Management

St. Joe Co. Elects Two Hedge Fund Execs to Board

The St. Joe Company, a land development company based in Florida, has been the subject of lots of talk lately. At a recent conference, David Einhorn suggested that the firm was pretty overvalued and went through a few problems that he sees at the company. This may have contributed to the stock price falling from $25 to $20 (it's not trading just above $21).

Now, the real estate firm is the subject of takeover rumors and the addition of two hedge fund executives from Fairholme Capital Management to the St. Joe. Co. board has caused the firm to catch even more headlines. January 1, the board will accept two more members, Bruce R. Berkowitz and Charles M. Fernandez.
Berkowitz is the managing member of Fairholme and also holds the title of president and director of Fairholme Funds Inc. He's been the lead manager of the Fairholme portfolio management team since its inception, and recently was named a Morningstar stock picker of the decade.

"St. Joe has uniquely valuable assets and some of the most attractive, concentrated and well-managed real estate in the U.S.," Berkowitz said in a statement. "The value is in its development expertise, communities, infrastructure, entitlements, master plans, timberlands and most importantly the company's long-term vision."

Fernandez is president of Fairholme Capital Management and also holds the title of vice president and director of Fairholme Funds. Fairholme owns about 26.8 million shares of St. Joe, or nearly an 29 percent stake. Source


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