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New talks on St. Joe board

February 23, 2011 09:37AM

Fairholme Capital Management and the St. Joe Co. are discussing the
makeup of the company’s board after Fairholme’s Bruce Berkowitz began a
push to elect a new board of directors of St. Joe, which is based in
Watersound, Fla. Last week, Fairholme president Charles Fernandez
resigned from St. Joe’s board over disagreements in the compensation and
nomination of the board, among other issues. The goal of the talks is
to reach “an agreement that would be in the best interests of all
stockholders,” a filing released today said. St. Joe’s board is
vehemently opposed to Fairholme’s plans, it said in a statement last
week. [Miami
Herald]