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Berkowitz’s Win Becomes Challenge as St. Joe ‘Under Attack’

Bruce Berkowitz won the battle to change management at St. Joe Co., the money-losing Florida landowner. Now, he has to figure out how to make its forests and swamps profitable as short sellers bet against the shares.

“The company’s basically under attack,” said Berkowitz, who was named chairman of the Watersound, Florida-based company on March 4 and whose Fairholme Capital Management LLC is its largest shareholder. “There are plenty of people out there who’d like to see the company go down the tubes. That’s sort of by definition anybody who’s shorting the stock.”