Joe Mama

Today The Saint Joe Company announced the resignation of their CEO.   They also announced that Failholme’s Bruce Berkowitz will (re)join the Board of Directors.

For those who have forgotten, JOE has been a bit of a battleground stock lately, with David Einhorn vocally advocating his short theiss, and Berkowitz buying up a huge chunk of the company on the long side.

I don’t want to put words in Einhorn’s mouth, but I’m guessing that he would say that it doesn’t matter how many times Berkowitz joins, quits, and re-joins the JOE board.  It doesn’t matter who the CEO is – what matters it that JOE’s land assets aren’t worth as much as JOE says they are worth.   A new CEO doesn’t make the land worth any more.

-KD

I have no positions in JOE

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