Bruce Berkowitz Going Hostile On St. Joe (JOE)

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According to a
tweet
from Todd Sullivan, who spoke at the
Harbor Investment Conference,
Bruce Berkowitz and Fairholme Capital are launching a website to try to replace the board of directors at The St. Joe Company
JOE
. The site will be entitled "Takebackjoe.com" and will go live in a few days. This comes just a couple of days after Berkowitz
resigned
from the St. Joe board, saying that he disagreed with many of the practices of the board, including executive compensation. Berkowitz wrote an email to St. Joe's board. In the email, Berkowitz wrote: In an email disclosed in the filing, Berkowitz writes: 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 This fight is not over, not by a long shot. It's going to be one of the most interesting topics of 2011, and I can't wait to see how it plays out.
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Posted In: Long IdeasHedge FundsMovers & ShakersTrading IdeasBruce BerkowitzFairholme Capital
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