BOHICA. It means: “Bend Over Here It Comes Again”
I have no idea what it means in this context, I just always wanted to say it here on RedState.
Two days after resigning as a director of the St. Joe Company, Fairholme Capital’s Bruce Berkowitz will urge his fellow shareholders to oust the Florida real estate company’s board, according to people briefed on the matter.
Mr. Berkowitz plans to name four nominees – including himself, again, and former Florida governor Charlie Crist – to St. Joe’s board, these people said.
This is an odd and vulgar power-play by Berkowitz. After losing a fight to become chairman of directors at St. Joe, he resigns and is now calling for a new slate. Fairholme Capital, a company owned by Berkowitz, owns 30% of St. Joe.
What is equally surprising is that Charlie Crist was also named to the new slate by Berkowitz. Oddly enough, Crist seemed at ease with the nomination and even gave a good reason for it:
“The primary concern, and this is really the crux of it, deals with executive compensation. This is a company that is steeped in Florida history. I can remember hearing about it back in high school. The concern that they and I have is how the executive compensation has been handled, particularly in light of the performance of late. I’m sure you saw the statement that Bruce put out yesterday, very concerned about pay based on performance, that the shareholder’s interests are protected, that the company is run efficiently and effectively. You realize that $21 million has been paid to the (St. Joe) CEO (Britt Greene) in the past three years in different forms, yet the company’s lost over $300 million during that period? Something doesn’t jibe.” -Charlie Crist
What doesn’t jibe, is the fact that Charlie Crist’s term as Governor left Florida swimming in red ink. Where was this concern for the people of Florida? Why were we not treated like shareholders when you were governor??
That man makes me sick. I also get the impression that Charlie Crist would just be a rumber stamp to Bruce Berkowitz. So it should not surprise anyone, that this power-play by Berkowitz stinks to high heaven. I’m half tempted to buy a voting share in St. Joe and vote against his slate. If only I had the money.
I’m sure they have legit complaints. But I hate vulgar power-plays and when they include people with little to no values, I like them even less. If you are reading this and you are a shareholder, I am not going to tell you how to vote. However I do suggest you ask a lot of questions and do a lot of research before casting your vote.
[Cross-Posted On Practical State.com]