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Below is a list of today's twenty-five most distressed stocks (according to their Altman Z-Score or Z''-Score, respectively) with a share price of $5 or higher. For details on how this ranking list is compiled, please click here.
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JOE - Lex on JOE
From the Lex column in this weekend's FT ( http://www.ft.com/cms/... ):
"Investors bought the rumour but they sold the fact. The St. Joe share price fell nearly 10 per cent this week after it announced that Morgan Stanley had been hired to explore strategic options – one of which is presumably the sale of the company.
But at what price? The current market value of over $4,000 an acre is both pricier than surrounding timberland and above what developers have paid in the past. Some of the land is useless for either timber or development, and St. Joe has reported losses since 2008.
They are not making any more of the Sunshine State. But Mr Berkowitz may have overestimated the appetite for a Luxembourg-sized chunk of it. "
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As I mentioned elsewhere, I am 1-and-1 on my bets against JOE and currently going for 2-and-1: http://shortscreen.com...
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St. Joe's board giving Berkowitz the Heisman?: http://www.cnbc.com/id...
Einhorn's firm on this (via Forbes: http://blogs.forbes.co... ):
"There is a considerable gap between timberland and conservation values that support a single-digit share valuation for St. Joe and the current public market valuation that implies that undeveloped rural land in the Florida Panhandle is worth more than Iowa farmland. The land values don’t justify the stock price. We do not believe cutting some executive compensation expenses or installing a new management team would bridge that gap."
There goes JOE: down 4.7% intraday. Berkowitz won control, but the question of the value of JOE's assets remains.