Bruce Berkowitz doesn't want to take over St. Joe and he has no interest in taking the company private, Morningstar reports.

Berkowitz told Morningstar fund analysts Ryan Leggio and Kevin McDevitt, who recently visited with the Fairholme Fund [see profile] chief in his Florida offices, that he "would be happy to step off the board; that's not the business we're in. But if it's going to be valuable to our shareholders and to the shareholders of St. Joe, then we'll stay. It depends also to what extent what St. Joe becomes."

He added that "the worst case is going to work out reasonably well for [St. Joe] shareholders." 

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