Einhorn's Presentation On Why He's Short St. Joe Vs. Bruce Berkowitz Who Owns 30% ($JOE)

St. Joe ($JOE) Valuation War/David Einhorn vs. Bruce Berkowitz: David Einhorn of Greenlight Capital thinks $JOE is worth $650-950 million or $7-10 per share and needs to take significant impairment charges. It closed at $21.27 today. St. Joe is the largest private land owner in the State of Florida with 577,000 acres of land. Einhorn gave a detailed presentation at the Value Investing Congress on 10/13/2010 on why he was short. View the 138 slide presentation PDF ("Field of Schemes: If You Build It, They Won't Come") here. To your left is a snapshot of the 134th slide (click for larger view). MarketFolly.com also embedded the speech audio.

On the bullish side, Bruce Berkowitz of Fairholme Capital (Fairholme Fund/$FAIRX) owns 29% of the company and is extremely bullish. He gave reasons why in a Morningstar interview on 5/29/2009. He said the new Northwest Florida Beaches International Airport (Southwest hub) will be the upside catalyst for the company and surrounding area. More from the Morningstar interview:
"Really this company should be more a liquidating trust. I think a private real estate family would love to get their hands on this company to keep them busy for 50, 75 years"

and he recently told Reuters via Business Insider
"if we were able, we would buy the whole company"

St. Joe articles and $JOE stock chart after the jump. Will it crack the downtrend line or proceed to 7 smackers?

$JOE (Saint Joe Company) - Courtesy of FreeStockCharts.com

Berkowitz Joins St. Joe (JOE) Board, Einhorn Skeptical of Any Potential Acquisition - Market Folly 12/17/2010

Report: Berkowitz Doesn’t Have Plans To Take St. Joe Private - Barron's 12/17/2010

The big hubbub over St. Joe Company - Fortune 12/17/2010

UPDATE 2-Fairholme leaders to join St. Joe board - Reuters 12/16/2010

As Einhorn And Berkowitz Spar, St. Joe CEO Says Assets Are Properly Valued - Forbes 11/10/2010

Berkowitz to Einhorn: 'Thank You' - TheStreet.com 10/15/2010

Bruce Berkowitz Responds To Einhorn: I Want To Buy You A Box Of Chocolates - Business Insider 10/15/2010

Don't Mess with Old St. Joe - Lonely Value Investor 10/16/2010

Bruce Berkowitz Buys St. Joe Company (JOE) Amidst Einhorn-Fueled Sell Off - Market Folly 10/15/2010

The head of Fairholme Capital added 135,600 shares of the real-estate firm after Einhorn's presentation - Barron's 10/14/2010 [Michael Gaiden, a Morningstar analyst has $50 target for St. Joe; Keefe, Bruyette & Woods analyst Sheila McGrath has $30 target]