St. Joe, the giant owner of land in Florida, announced that it is looking for strategic alternatives, which is code for looking for a buyer. Who in the world would buy St. Joe? Private equity would not touch it as it is cash flow negative and cannot be leveraged up. It is too big for any of the home builders to bite off. What buyer is St. Joe expecting to find? A sovereign wealth fund? Turn it into farmland and make it an ag play?
I believe that if Bruce Berkowitz were not buying up half the shares and in the process causing a massive short squeeze the shares would be a lot lower. I cannot see the attraction to shares of St. Joe.