JOE up 10% today

[twacowfca]

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?

Or perhaps there is merit to the assertion that their assets are not properly valued in today's market.  A most uncomfortable situation for a board member.  Food for thought.

[Buffetteer]

There may now be a proxy fight for the company. I am long on JOE, but man, this thing is becoming a real mess.

http://www.cnbc.com/id/41579053?__source=yahoo|headline|quote|text|&par=yahoo

[Buffetteer]

In case anyone is interested in reading a JOE company letter sent to its employees this morning:

http://www.sec.gov/Archives/edgar/data/745308/000129993311000494/exhibit1.htm

[Buffetteer]

This is from a news report on a local Panama City NBC affiliate. It is in regards to a possible hostile takeover bid by BB:

"Although Fairholme holds only 29% of St. Joe's stock, insiders believe Berkowtiz can convince financial investors T. Rowe Price and Janus to pledge their 24% holdings to support him, giving Berkowitz majority control. Berkowitz hinted at the possibility Monday, telling Bloomberg News "It was clear to us we weren't going to be able to achieve anything further as directors. The only way we can be effective is as shareholders."

[Myth465]

In a take over bid wasnt he stronger with 2 board seats?

[Bronco]

Is a mutual fund allowed to buy 100% of a company?  I would assume you lose RIC status on that.

[BargainValueHunter]

Bruce is getting hardcore in his fight against the board:

http://bit.ly/eLhqG5

The Fairholme Fund is starting a shareholder process to replace the existing board of St Joe. This was not a decision made lightly. We are not activists. We always try to support the boards, management and shareholders of our portfolio companies. We like when everyone wins. When we saw problems at St. Joe, we tried to make constructive changes within the board structure. We ultimately came to the conclusion that this was not possible.We believe in the following fundamental concepts:

• St. Joe belongs to its shareholders, not its board or management
• St. Joe management plans must reflect business reality
• St. Joe management must stop selling cheap to fund wasteful spending
• St. Joe management must be open, transparent and accountable
• St. Joe management must feel the pain and joy of their constituents
• St. Joe directors must lead by example
Who should be on the St. Joe board? It is your company as much as The Fairholme Fund’s roughly 500,000 shareholders. Let’s all decide.

[Grenville]

I am impressed with Bruce. Here is his letter. Will be fun to watch.
http://www.sec.gov/Archives/edgar/data/745308/000119312511036957/dex991.htm

[Myth465]

I am impressed with Bruce. Here is his letter. Will be fun to watch.
http://www.sec.gov/Archives/edgar/data/745308/000119312511036957/dex991.htm

Again here is a man you have to respect.

Hell even I forget this sometimes and 100% of my net worth is in stocks.


St. Joe belongs to its shareholders, not its board or management

[txlaw]

Great letter.  Apparently, Bruce B is on CNBC right now discussing the poison pill that management just adopted.