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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: James Clarke who wrote (9619)	1/12/2000 12:51:00 AM
From: Wright Sullivan	Respond to of 78753

JOE update: Shareholders of JOE own 54% of FLA (almost $10 of each $24 JOE share). The following is a good interview with Bob Anestis, CEO of FLA.: (pdf version--better): twst.com (html version): twst.com JOE is stuck at $23-$24, but looks more like value to me every day. JOE's FLA stake is now worth $10/share, 800,000 acres timber are for sale and worth another $6/share (at $800/acre), you're left with $8/share for the remaining 200,000+ acres of developable land (incl. 40 miles of beachfront) plus real estate operating companies. One key point from the Anestis interview is that "St. Joe will be submitting a revenue ruling request that we hope will be approved by the IRS in the late spring." Sounds like the spinoff is proceeding a bit slower than anticipated, but FLA is eager for it to come off.