February 2011
February 28, 2011 –
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RELATED TICKERS: JOE
Shares in St. Joe dropped 3 percent today on news that Fairholme had won the board battle - Bruce Berkowitz and Charles Fernandez of Fairhole, former Florida governor Charlie Crist and Carnival CEO Howard Frank are in, and Joe's CEO Brit Greene is out. The company has hired an executive search firm. Further turnover among Joe's senior management is likely, I think. [more]
February 25, 2011 –
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RELATED TICKERS: F
I own a small position in Ford's convertible preferred shares (F-S or F-PS, depending on the nomenclature your brokerage uses). I bought these just below par ($49.90 or so). The preferred is convertible to about 2.8 shares of Ford. [more]
February 09, 2011 –
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RELATED TICKERS: JOE
St. Joe released a statement yesterday indicating that the company is considering strategic alternatives, including possibly selling the company. It's not clear to me who they would sell it to aside from a buyout led by Fairholme. There aren't any large public companies focused on land development. If management wanted to take the company private themselves, they've had years to do so. This coincides with Bruce Berkowitz and his right hand man getting elected to Joe's board. [more]
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