SEC Conducts Inquiry Into St. Joe's Land Impairment Practices (JOE)

The SEC is checking out St. Joe's impairment practices. David Einhorn of Greenlight Capital, who is currently short St. Joe shares, believes $JOE needs to recognize significant impairment charges on their land. He thinks the stocks is worth $7-10 per share and it's trading at $24.60. Read: Einhorn's Presentation On Why He's Short St. Joe Vs. Bruce Berkowitz Who Owns 30%. This is getting interesting. Hat tip Going Concern.
"The Securities and Exchange Commission (the "SEC") has notified The St. Joe Company ("St. Joe") that it is conducting an informal inquiry into St. Joe’s policies and practices concerning impairment of investment in real estate assets. St. Joe intends to cooperate fully with the SEC in connection with the informal inquiry. The notification from the SEC does not indicate any allegations of wrongdoing, and an inquiry is not an indication of any violations of federal securities laws." ( Form 8K)

St. Joe Reports Informal SEC Inquiry of Accounting for Land Impairments (Bloomberg 1/10/2011)
The St. Joe Company Dropping On SEC Concerns (JOE) (Benzinga)