David Einhorn offers a one paragraph summary of the bear case for JOE in this Wealth Track interview ( http://www.wealthtrack... ):

"The problem with the St. Joe Company is they have a lot of land. And they have a lot of expenses. I think about $50 million a year of overhead. And the problem is, is that the value of the land is not going up faster than the amount of the expenses that they actually have. And it seems like a small problem, because what’s $50 million of expense? But the problem is, the stock trades well above what the value of the land is worth today, and every day the company exists, the expenses are more than the value of the land, so the value of the company actually falls over time."

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Interesting article on the touted international airport ( http://www.businesswee... ). Excerpt:

"New Fla. Panhandle airport slow to draw passengers

By MELISSA NELSON

PANAMA CITY BEACH, Fla.

There's no bustle at this new international airport in the Florida Panhandle: Many flights have empty seats, the security line's a breeze and ticket agents sometimes outnumber passengers.

Northwest Florida Beaches International Airport opened in May, soon after the Gulf of Mexico oil spill. It sits on 4,000 acres donated by the St. Joe Co., a land developer that's hoping one day to transform another 72,000 acres of surrounding pine and swampy forests into a bustling tourism and aerospace corridor.

The airport offers 19 daily flights on Delta and Southwest to Atlanta, Baltimore, Houston, Memphis, Nashville and Orlando, but those flights were only about 60 percent full on average in October -- compared to a national average of 83 percent.

That number is down from 76 percent in the peak summer tourism months of June and July, according to the National Air Transport Association. The numbers haven't deterred the airport's boosters who view it the key to unlocking the economic potential of a sleepy slice of the Panhandle.

Others see weak passenger numbers this fall as a sign the airport should never have been built.

There's even speculative talk that Southwest may pull out when its three-year deal with St. Joe expires in 2013: The airline has a $1.42 billion deal to acquire AirTran, which flies to Pensacola, the Florida Panhandle's most-populated region."

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