Greenlight's Einhorn criticizes St. Joe in letter

NEW YORK Wed May 30, 2012 11:50am EDT

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NEW YORK (Reuters) - Greenlight Capital's David Einhorn reiterated his criticism of Florida developer St. Joe Co's (JOE.N) business model in a May 29 quarterly investment letter.

In the letter, Einhorn said that the company "continues to carry its mostly vacant commercial real estate at inflated values" and that St. Joe Co's "effort to develop its best land through a historic boom" has been "a cumulative money loser."

The hedge fund has had a short position in St. Joe Co for more than half a decade, Einhorn said in the letter, after having first discussed the position at an investment conference in 2007.

(Reporting By Katya Wachtel; Editing by Gerald E. McCormick)

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