Sahm Adrangi: The Negative Report Regarding the St. Joe Company

Published on Author RM2000

Sahm Adrangi is the chief investment officer of the famous Kerrisdale Capital. He resides in New York City. Sahm has a bachelor of arts in Economics. He studied at Yale University. He was an investment analyst before joining the Kerrisdale Capital management team. He worked at Longacre Fund. Sahm Adrangi was keen on conducting research and analysis for equity and credit funds. Before serving at Longacre Fund, Sahm worked at Chanin Capital Partners, which was a restructuring group. His roles and responsibilities revolved around representing debt holders for banks, bondholder committees, creditors in general, and equity committees. Sahm Adrangi was at Deutsche Bank, which was an advantage finance group. He helped in structuring non-investment high yield bonds and grade bank debts. It also entailed buying out financing, debt refinancing, and such issues.

In the recent news, Sahm Adrangi issues a negative report about St. Joe Company. The report was published early this year in an attempt to explain the short position of Kerrisdale Capital in St. Joe Company. This company hopes to change the outlook of the desolate area land that is located near Panama City Beach into a good looking and attractive destination for prospective business and retirees. The report pointed out that the chances of St. Joe developing the land are minimal following their justification that the company is facing $1 billion valuations. The region to be improved is situated at a remote, swampy, and desolate area. The reality hits out that the place may not be in a position to achieve much profit in future. This is because; already the St. Joe Company has made minimal progress in developing the interior land. There are very fewer activities being run by the building department, and the signs of advancement are not visible. Sahm says that the company’s plans concerning the interior lands have remained constant for more than a decade now.

In other words, the investors continue to suffer as they wait for the progress whereas the company is struggling to monetize the land through the pace is not promising. More issues on shareholders are expected as the largest investor at St. Joe Company, Fairholme Funds faces the new SEC liquidity rules.