The Fairholme Fund
today said that it has filed
with the Securities and Exchange Commission to start a process to replace the existing board of St. Joe Company, the Wall Street Journal reports
previously covered Fairholme's dissatisfaction with the company's board (see The MFWire 02/15/2011)
According to the filing, Bruce Berkowitz
wrote that his decision to replace the company's board was not made lightly. "When we saw problems at St. Joe, we tried to make constructive changes within the board structure. We ultimately came to the conclusion that this was not possible," he wrote.
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