windmark

Some truths about Joe

B R O U G H T T O L I G H T B Y F A I R H O L M E C A P I T A L M A N A G E M E N T, L L C

IMAGES SUBSEQUENT TO PAGE 4 WERE PHOTOGRAPHED OCTOBER 23-31, 2010

FOR FAIRHOLME CAPITAL MANAGEMENT, LLC BY JOSHUA LANZARA © 2010. ALL RIGHTS RESERVED.

IMAGES RELEASED BY DAVID EINHORN ARE UNDATED AND UNCREDITED,

AND USED HEREIN UNDER FAIR USE LAWS.
A certain short’s recent presentation on
the St Joe Company asserts that a trailer used
over three years ago as a temporary office is
the current St Joe sales office...
 The actual office for the last few years
is over 4 miles away at Windmark Beach.

It’s a 5500 square foot

office complex and showroom (not a trailer):
If the images on the next page
were all there is to Windmark,
we’d be shorting St Joe, too...
However, there’s more to the Windmark story,
as the following images taken over
a few days in late October 2010 attest...
New construction...
FAIRHOLME
Ignore the crowd.