Curious George

Premier Exhibitions: Value Not Without Controversy

Two other questions on JOE: is the Panama City airport plan moving along as originally envisioned? That seems to be a critical component to helping them realize max value on their land holdings over a 10 year horizon.

Second question: Now that JOE is restructuring to move to a pure equity capital structure, do you expect them to remove pressure to create consistent cashflows via land sales of timberland assets regardless of market conditions? Without the need to create cashflow to cover interest payments, you would think they would pull back on that.

Thanks,
LBR

Premier Exhibitions: Value Not Without Controversy

Who is Clyde Milton? Deep value sleuth extraordinaire? PT Barnum like promoter of companies with questionable ethics? Mythical Ayn Rand concoction who is the saviour of the investment world? Who is Clyde Milton?

Seriously, well balanced primer on PRXI. Will do more research on this. Nice call on JOE, by the way. Do you know if Einhorn covered his "swamp-land" short, or did he ride it all the way back up to the mid-40's from the mid-20's? What is the implied EV per acre on Joe now? I like their recent moves to go to a pure land trust holding company and stop with all the expensive proprietary development, but it appears to be fair value territory at the moment.

Cheers
LBR