This might be endgame in the great battle between David Einhorn and Bruce Berkowitz over the fate of St. Joe.
The controversial real estate company is up another 8% this morning on news that it has hired Morgan Stanley to explore strategic alternatives for the company.
Last fall, Einhorn released a huge presentation on why St. Joe’s Florida real estate holdings were garbage. Berkowitz, on the other hand, is on the board of the company, been buying more stock, and vocally fighting back over Einhorn.
Initially David Einhorn was winning, and the stock tanked for a while, but today the stock is substantially higher than it was pre-EInhorn.
A quick look at the chart of St. Joe tells the story.
The most recent salvo in the fight was a presentation from Berkowitz showing that Einhorn’s negative presentation was misleading.