Einhorn talked up his book, so to speak. He is heavily short JOE (has been for some time) and went out of his way to create a very negative presentation. It worked, as hedge fund managers sold their shares or sold shares short in a frenzy and then other investors joined the 'dump the stock' party the next day. I look at it as a way to make sure you're buying a company near the point of maximum pessimism at a very low price. JOE over the next year will likely continue to experience wide swings North and South that make both Berkowitz and Einhorn look smart at different times. They very well might both make money on their investments over time as well.
Wrong. It's a long, slower continued grind down from here as JOE's only business plan is to sell it's land to pay OP EX. And as it sells assets (which are all fraudulently 7X times overvalued on their balance sheet), it's stock will continue to go down and down until most of the land is gone.
The Real Estate market is not coming back for another decade and JOE can't last that long hoping another Real Estate bubble comes in to save them. They are like Einhorn said, "STUCK" holding all this land that noone wants and noone can get loans for anyway.