"For the company to go-private at this price would not be in the best interest of all shareholders. There's a lot that can be done there," Berkowitz said.
But David Einhorn, president of Greenlight Capital, argues that "St. Joe and its accountants might want to update their calculations ... They need to take a substantial impairment."
"I read David's report, it's very good, there's not a lot I disagree with ... my job is to make money for my shareholders," said Berkowitz. "It's not to debate someone on the merits of a position."
"Is it possible that some pieces of assets, reasonable people could argue, should be lower, yes, but it is reasonable that there's a lot of property at St. Joe that was bought in the 1930's that may be worth a little bit more than the property was worth in the 1930's, I think the answer is yes," he added.
"I'm seeing a huge chunk of Florida, on the Gulf, with a new international airport and a recovering economy, and population growth and a tax-free state, should do reasonably well over-time," Berkowitz said, adding, "you make your money during the most difficult times, you just don't know it at the time."
"We need to figure out the best highest inartistic value of the company for the owners of the company—if that means bringing in other developers, so be it."