Things are going to get interesting………….glad I’m not short St. Joe
For the 39,403,972 shares of Common Stock acquired from Fairholme Fund on January 25, 2011 by BUSI, BUSI paid $15.10 per share, or an aggregate of $594,999,977.20 through the issuance by Brookfield of 18,035,768 shares of Class A Limited Voting Shares of Broookfield to Fairholme Fund. For the 73,927,484 shares of Common Stock acquired from Fairholme Fund on January 25, 2011 by US Corp., US Corp. paid $15.10 per share, or an aggregate of $1,116,305,008.40, of which $312,225,022.80 was paid through the issuance by Brookfield of 9,464,232 Class A Limited Voting Shares of Brookfield to Fairholme Fund and $804,079,985.60 was paid in cash derived from a loan from Brookfield to US Corp.
The theory here all along has been that Berkowitz is going to cause a huge short squeeze in St. Joe (JOE). He now has a fresh $800M to do so should he choose. It going to be interesting to see what he has to say next week at the Harbor Investment Conference. I am more than a little sure the topic will be brought up.