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  "documentTitle": "The St. Joe Company (JOE)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2010-10-13 00:00:00",
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  "notes": "The slide uses a 'benefit of the doubt' calculation to show the low implied value of assets sold, suggesting the write-down was unjustified.",
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      "kind": "callout",
      "text": "JOE wrote down the Victoria Park assets on December 15, 2009, only two days before their sale",
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      "text": "The remaining assets included 28 homes, 350 lots, 468 acres of undeveloped land, a golf course, and $7.4 million notes receivable from builders",
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      "text": "Giving JOE the benefit of the doubt by ascribing no value to the golf course or the notes(1), we can estimate... Homes sold for ~$100,000 each; Lots sold for ~$20,000 each; Undeveloped acres sold for ~$2,000 each",
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      "text": "On December 17, 2009, JOE sold Victoria Park’s remaining assets for $11 million",
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      "kind": "source-note",
      "text": "Source: 2009 10-K, except for estimated values of each asset (i.e., homes, lots and undeveloped land) (1) Alternatively if the builder notes and golf course were money good, then JOE got nothing for the homes, lots and land.",
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