Round One To Berkowitz (JOE)

It looks like Bruce Berkowitz is starting to make some serious headway with his position in The St. Joe Company JOE. Britt Greene, the company's President and CEO has resigned effectively this week, and has also resigned from from the Company's Board of Directors, effectively immediately. Berkowitz resigned from the board just a few short days after him and his partner Charlie Fernandez joined it, citing unhappiness with management pay and corporate governance. Berkowitz wrote an email to the board citing his unhappiness. Directors of St. Joe: The two of us have discussed the situation at St. Joe and its nominating and governance process. We will not stand for re-election except as part of a Board where a majority of the directors are committed to shareholder value, pay for performance, and effective corporate governance. After working with the current Board over these past weeks, we have concluded that the current Board is not in a position to propose such a slate of directors. Accordingly, we withdraw our names from consideration by the Nominating and Governance Committee for election at the Annual General Meeting, and we resign from the Board of St. Joe effective immediately. Bruce & Charlie Berkowitz has continuously said that he sees tremendous value in the company, and was extremely positive on the company at the Harbor Investment Conference, where he spoke with Bill Ackman on the company. Berkowitz has said that there is tremendous value in the name, as it's carrying a significant portion of its real estate holdings at 1930's value, when the land was purchased. Berkowitz is also involved in another battle over St. Joe with hedge fund honcho David Einhorn, who is short the name. It looks as if Berkowitz has won this round in the battle of St. Joe from the company's board of directors. If he is successful in winning other rounds, and it looks like he will be, there is the possibility for tremendous shareholder value here. If he's able to win this, it looks like it may be a couple of knockouts for Berkowitz. Just don't think you can take on Manny Pacquiao after these TKO's.