St. Joe, Chairman Bruce Berkowitz Are Subject of Formal Probe by U.S. SEC

``In October, David Einhorn, who runs hedge fund Greenlight Capital Inc., accused St. Joe of failing to write down the value of its developments after the Florida real estate crash. In January, St. Joe said the SEC was conducting an informal investigation of its real estate impairment practices. The company received a "related order of private investigation" on June 24, it said yesterday. ''