The SEC investigation of the ST Joe Company is now a formal investigation. The St Joe Company has been a good neighbor to the Panhandle region since the 1920s when Alfred DuPont and his brother-in-law Ed Ball started buying large acreage tracs in Northwest Florida. After DuPont’s death ball founded the St Joe Paper Company. St Joe owns 576,000 including 300,000 acres surrounding the Panama City Airport (Northwest Florida Beaches Airport). St Joe was a major backer of the new airport, donating all of the land for the project.
St Joe Company in recent years has become a major real estate developer in the area and fell on hard times during the economic down turn. We don’t know anything about the investigation but they did post a $14.1 million dollar profit for the first quarter of this year so we trust they are on the path to recovery and we wish them well.