JOE up 10% today

[QLEAP]

And Bruce hits back at Einhorn on St.Joe ..

http://www.scribd.com/doc/48356839/St-Joe

[txlaw]

St. Joe just announced that it is exploring "financial and strategic alternatives":

The St. Joe Company (NYSE:JOE) today announced that its Board of Directors has unanimously decided to explore financial and strategic alternatives to enhance shareholder value.

The Board intends to consider the full range of available options including a revised business plan, operating partnerships, joint ventures, strategic alliances, asset sales, strategic acquisitions and a merger or sale of the Company. The Board of Directors has retained Morgan Stanley & Co. Incorporated to assist it in the evaluation of these alternatives. The Company noted that there can be no assurance that the exploration of strategic alternatives will result in any transaction.

Britt Greene, St. Joe's President and CEO, said, "We have engaged Morgan Stanley to undertake a comprehensive and thorough review of all available alternatives, and our Board and management are committed to taking the appropriate and necessary actions to enhance value for St. Joe shareholders."

http://ir.joe.com/releasedetail.cfm?ReleaseID=548596

[Parsad]

Wouldn't it have been cheaper to just put Berkowitz on the board?  Would he not have been able to generate more shareholder value than Morgan Stanley?  What a joke! 

Why do CEO's do this?  Is it because they don't have enough things to blow the company's money on?  Cheers!

[Buffetteer]

Not often you see a company down almost 5% on takeover talks...what a roller coaster!

[enoch01]

Not often you see a company down almost 5% on takeover talks...what a roller coaster!

So is anybody interested at this price?  I haven't looked at it, don't have an idea of the value, but there's potential catalysts here.

[Myth465]

Not often you see a company down almost 5% on takeover talks...what a roller coaster!

So is anybody interested at this price?  I haven't looked at it, don't have an idea of the value, but there's potential catalysts here.

Still looks like dead money to me.

[BargainValueHunter]

http://www.bloomberg.com/news/2011-02-10/berkowitz-proposes-naming-former-florida-governor-crist-to-st-joe-board.html?cmpid=yhoo

Bruce Berkowitz of Fairholme Capital Management LLC, St. Joe Co.’s largest shareholder, is seeking to put former Florida Governor Charlie Crist on the real estate developer’s board.

Crist was named as an alternative candidate to Rodney Barreto, chairman of Florida’s Fish and Wildlife Conservation Commission, according to a regulatory filing today. Barreto may not be considered an independent director because he has provided services to St. Joe., Berkowitz said.

Crist “is well-known to all of you,” Berkowitz said in an e-mail to the board that was included in the filing. The former governor, 54, led Florida from 2007 until January.

[biaggio]

Berkowitz +Fernandez step down from board this am according CNBC...not a good sign? Probably did not agree with hiring investment banker +/- other plans other board members may have?

[stahleyp]

http://dealbook.nytimes.com/2011/02/14/fairholmes-berkowitz-resigns-from-st-joes-board/

Pretty crazy.

[Myth465]

http://dealbook.nytimes.com/2011/02/14/fairholmes-berkowitz-resigns-from-st-joes-board/

Pretty crazy.

Still looks like dead money to me.

Though we have a catalyst. I have no dog in this fight, but have a big tube of popcorn. Never seen Berkowitz mad. Should be interesting.