RE:Just a train wreckA train wreck is a good description for what Rabe and this board has done. It goes to show that a person hired for one job can be terrible at another. Rabe and Edwards (with his Transat connection) were the right people to create Aeroplan 2.0. I give Rabe credit for assembling a credible path forward for Aeroplan 2.0, credible enough that is scared AC and TD into buying them out. But instead of doing the right thing, take a large bonus and departure package after the sale due to a material change in the business, he didn't want to get fired. (This is already sworn evidence by Felsher in the New York lawsuit filings). So the right man to create Aeroplan 2.0 is the wrong man to maximize the value of the sale for the shareholders. Now is is trying to seize the company, ensure that the board is, to you the word of today's press release, "aligned" with his direction, and create a job for himself.
There is still money to be made in this. Look at the massive number of block trades after close: some people do want in at this price. The market cap is now below the cash and liquid assets on hand -- ridiculous. I was buying for most of the day. I admit it is not without risk -- Rabe may succeed and find a way to lose all of our money. But it is hard to see too much downside buying a company which is basically just a pile of cash and equitiies, with ZERO debt of any kind, not even a line of credit, for a share price that is a fraction of its NAV. The risk is that Rabe retains control, uses the money to buy magic beans, and ends up like Scarface with a pile of blow on his desk paid for by us, screaming at the world. ha ha.
amugsgame wrote: So all they had to do in the last year was to sell the remaining assets after the AC deal and walk away making everyone happy - shareholders would have maxed value, Mittleman would have had a good % ROI and Rabe could have had a nice package. But no, try to reinvent the wheel, spend cash on the SIB and take the SP back to the dark ages. You're screwed lads