"We're long-term investors and we'd love to buy the entire company," Berkowitz told TheStreet in an interview Friday evening. "So, I really would like to create a situation where just everyone stays quiet and he can short to his heart's content. And we can ... buy to our heart's content, with the permission of the management."
In response to Einhorn's take-down of St. Joe at a conference on Wednesday, Berkowitz says: "If David wants to create an asset at a cheaper price for me to buy, thank you."On Friday, Fairholme indicated in a regulatory filing that it had acquired another 135,600 shares of St. Joe. The Jacksonville, Fla.-based real-estate development company responded by rising 4.2% to $20.56 on heavy volume. Berkowitz says Fairholme has a standstill agreement with St. Joe, and isn't allowed to acquire any more shares without management's permission. However, he'd like to open discussions with the firm -- which is now valued just shy of $2 billion -- and "other parties" for a potential buyout. St. Joe has been the subject of much debate, following a 139-page presentation that Einhorn gave earlier in the week at the Value Investing Congress in New York. Einhorn characterized St. Joe as, essentially, a $2 billion company whose market value exceeds the deserted swampland it owns.
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