RE:RE:RE:RE:Shareholders won't be voting on thisI agree. I had a small amount of AIM before the AC contract non-renewal, which I had bought around $9 as an income play as the dividend was so good. When the AC news broke last year I bought a lot more after the crash buying all the way down, so I ended up with an average cost of $2.10, so things are fine now for me.
But I agree that AC's behaviour was pretty reprehensible, although probably not illegal. It seems clear now that they never actually intended on going it alone, knew that Aimia would be rendered desparate by the public announcing of the contract cancellation, and always planned to rebuy it at a massive discount. Remember that AC received $599 million in cash from the new Aimia shareholders during the initial IPO, and then later when they sold the remaing shares that they had retained. Note that they transferred the points liabilities entirely to Aimia in the IPO. So they sell AP for about $600 million, let it grow substantially, and then rebuy the increased program for $450 million. Genius. The plan would have worked even better if Mittleman hadn't shown up. Their buddy Johnston would have sold it back for $250 minus signficant adjustments. Calin's only miscalculation was that he didn't figure on the shareholder activism that followed the Nectar fiasco. But it still worked out very well for AC.
The real victims are the SHs who bought into the IPO at around 12 bucks, and then the people who bought the shares from AC when they sold their remaining shares a few years later for around 23 bucks. They were duped, robbed and a$$fuc**d.
flamingogold wrote: If you want to pin betrayal on anyone it's Calin. He screwed over long time shareholders and many Aimia employees will probably lose their jobs over this too. Mittleman (and Rabe) shine above everyone else for bringing this back from near collapse.
Teachmestocks wrote:
Agreed. And you can count my 58k strong vote as "Hell No". But, I know board will care less for ordinary shareholders. If there is a vote, that will be for show. Mittleman betrayed us all, unless they have some surprise in the pocket. I would like to know the plan before I vote.