Aimia Inc T.AIM.PR.C

gauging competence and integrity

[DaneOddments]

Tom Finke claims that he and the other appointees of the Jefferies/MassMutual private placement group are more experienced, but I can't see any track record of success in investing there.  I see a series of relatively brief stints at various investment firms, but no track record.  The only thing I can find in that regard is that he was Chairman and CEO of Adara Acquistion Corp, a SPAC now known as Alliance Entertainment (AENT $3.41), down 66% from IPO price of $10 in Feb,. 2021 because they over-paid for a dying distributor of DVDs they bought for $480M near the height of the SPAC insanity.  https://www.bizjournals.com/charlotte/news/2022/06/23/adara-alliance-entertainment-spac-480m-merger.html   They claimed to be paying 6.3x TTM EBITDA of $76M (EV paid was $480M), but EBITDA immediately plummeted to a negative number in FY 2023, and looks like it will be $30M in FY 2024.  So while everyone makes mistakes, and Mithaq's debacle with Children's Place (PLCE) is looking alot like Eddie Lampert with Sears or Ackman with JC Penny, at least Mithaq had a couple of huge wins with the airport logisitics company John Menzies (MENZ LN) which they made 6x and Burford (BUR) which they tripled, and while they're down on Nexxen (NEXN) from their cost, it's a net cash balance sheet, seems to be growing, and trading at like 4x EBITDA and 5x FCF, which looks within the realm of reasonableness.  So on competence, I am no where near accepting that Finke & Co. are the better alternative.  And on integrity...  well...

[Growthnvalue]

Very good points. This vote should be a no-brainer for any shareholder who has been paying attention. Mithaq's involvement in PLCE remains baffling, but they have put their money where their mouth is and have directly supported the company to strengthen the balance sheet. In contrast, Tom Finke and his team have done the exact opposite. They massively diluted shareholders to get initially

[Hadituptohere]

Is it legal to sell my votes? I will accept a dollar per share. Neither management group nor pogey will pay my bills or offset the losses the Mittelmans caused me. I couldn't care in the slightest who wins.

[DaneOddments]

Well you should care if you want to recoup losses.  Mithaq states that they want to try to claw back money paid for performance not achieved, and force Aimia to reveal which advisors got paid the $30 mil. in fees in 2023 for advising Aimia so well, presumably to try to claw that back as well.  For example, imagine if Jefferies was the secret / unnammed advisor who received that $30 mil.

[nedstar71]

Agreed.  Management has no intentions of trying to clawback anything as that would be admitting the same disregard for shareholders and their money they've shown for years.  They won't touch that with a ten foot pole.  I mean what sort of  nonsense had to have gone on that they have even the smallest issue disclosing who got that money?  As I said, new boss same as

[Hadituptohere]

To me those conspicuous expenditures are no worse than the investment losses of the past few years, nor are they worse than the multi million buck settlements the Mittelmans recently received. There is no good guy to cheer for in this fight.   

[DaneOddments]

I guess I differ with you in that I think Mithaq is the one "to cheer for" because they have nothing to with the prior bad acts you listed. They've actually fought against the insanity, from the minute Tufropes was announced and they realized that they (and the rest of us) had been deceived.

[Hadituptohere]

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