Einhorn thinks St. Joe should be shorted because its book value overstates the true value of its assets. He claims that at best the shares, which currently trade for $22, are worth $10 in his VIC presentation.

This is just the latest salvo in an ongoing battle between Einhorn and others like Berkowitz and Whitman who are long the stock.

Broyhill has presented a detailed report defending the bullish thesis.