St. Joe's Responds To Berkowitz Resignation (JOE)

The St. Joe Company

has responded back to

from the board of directors. The company said that it's committed to strong corporate governance, and that the resignations of Berkowitz, and his partner Charlie Fernandez, were not in shareholder interest. From the press release: “Fairholme's statements and actions surrounding the resignation of its representatives from the Board of The St. Joe Company, after having served for only six weeks and while the St. Joe Governance and Nominating Committee was reviewing their proposed nominees, are not in the best interest of all St. Joe shareholders. While on the Board, Fairholme's representatives had advised the Company that they substantially agreed with the business plan and approved the exploration of strategic alternatives. The St. Joe Board has always been committed to strong corporate governance, to protecting shareholders' interests and to creating superior results for the long-term. On February 8, 2011 we announced that our Board has retained Morgan Stanley & Co. Incorporated to serve as financial advisor as we explore a wide range of options to enhance shareholder value. While there can be no assurance that any changes or transaction will result from this process, we believe it is an important step for the Company." At last check, shares of JOE were off 70 cents to $26.00, a loss of just over 2.5%.