Value investor and JOE long Todd Sullivan wrote an article on Seeking Alpha this week arguing that Bruce Berkowitz should be able to unlock JOE's value. Some interesting comments followed. In response to a question from one commenter about how much Gulf frontage JOE still owned, a commenter going by the name "AAbsolute" offered this detailed response ( http://seekingalpha.co... ):

"The white beaches which are coveted as the Emerald Coast may occur from Escambia County to Bay County. Florida's Counties keep their Official Records on line
( http://orsearch.clerko... )

I can't find any gulf front JOE property left in Escambia County (Pensacola).
I can't find any gulf front JOE property left in Santa Rosa County.
I can't find any gulf front JOE property left in Okaloosa County (Destin).
In Walton County, it looks like JOE sold all their gulf front land from Destin to Santa Rosa Beach as one parcel for $134,000,000 in 1986. JOE lost more Walton County gulf front through eminent domain in 1996. The State paid JOE 150,000,000 and turned that land into gulf front park. After that, I believe JOE was left with the Watercolor, WaterSound Beaches and the Retreat parcels. They have developed these properties already. I don't know of any other JOE gulf front in Walton County.
I can't find any gulf front parcels left in Bay County (Panama City).

In 2009, JOE said it had 5 miles of "sandy beach" ( http://files.sharehold... ) I can't find that on the ground here along the Emerald Coast. They may be talking about somewhere like Windmark Beach. I don't know anyone who considers Windmark to be a part of the Emerald Coast.

Your question is about the same as mine. I'm waiting for JOE to actually tell us where the valuable land is."

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As I noted in a previous post, I'm holding puts on JOE (the Jan 12 $25s): http://shortscreen.com...

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