Reuters: Financial Services and Real Estate: Greenlight's Einhorn criticizes St Joe in letter

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Greenlight's Einhorn criticizes St Joe in letter May 30th 2012, 15:49 NEW YORK | Wed May 30, 2012 11:49am EDT NEW YORK May 30 (Reuters) - Greenlight Capital's David Einhorn reiterated his criticism of Florida developer St. Joe Co's business model in a May 29 quarterly investment letter. In the letter, Einhorn said that the company "continues to carry its mostly vacant commercial real estate at inflated values" and that St. Joe Co's "effort to develop its best land through a historic boom" has been "a cumulative money loser." The hedge fund has had a short position in St. Joe Co for more than half a decade, Einhorn said in the letter, after having first discussed the position at an investment conference in 2007.

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