RE:Who Are Mittleman Bros?To add to your point, Mittleman Bros are a firm/partnership comprised of three brothers, Chris, David, Phillip (the one on Aimia's Board). All of which are individually purchasing shares as well as for their clients. In aggregate they own ~18.9 percent of Aimia.
Mittleman's investment returns (as a firm) since inception is ~15.6 percent net of fees. Over the past 5 years their performace has lagged significantly, given the divergance between Value and Growth, net annual growth over this period is 1.4 percent. As seen in other market cycles when growth converges, value tends to outperform. However the past is no barometer of the future. Other 'Value' investors, Prem Watsa for example have also underperformed (also, partially due to attempts at macro bets).
With excellent money managers such as the trio of brothers, we would be fortunate long term to have one of the Mittleman's take the helm in July 2019 and allocate capital moving forward to maximize shareholder returns rather than liquidating. Each shareholder can then do their darndest to beat 15.6 percent annualized over a 16 year period.
I am no expert, but I would be willing to speculate that the Mittleman's take a run at the company either through tender, open market purchases or some form of merger post Aeroplan sale. There is enough ownership by the activists to put forth a formiddable proxy battle come July if the Board does not bend over and take the Mittleman bros. allocation proposal (without seeing the proposal I can be damn certain whatever presented is much better than anything the legacy Board can dream up to squander).
I know some are thinking, 'I can beat their 1.4...a pittance,' that is a yardstick most can jump over. However, most don't have a tax loss carry forward...
Apologies in advance for thinking aloud