Aeroplan 1/2 of total rev but frequent flyer 1/5th of that I trade in the US markets primarily but this has my attention. My understanding is that aeroplan accounts for 50% of their revenue but the frequent flyer portion of aeroplan is only 1/5th of that aeroplan overall revenue the other 4/5ths is from the credit card programs or frequent spender programs as they call them. i.e. trading in your aeroplan points for a blender, or hotel, gift cards, etc. If the frequent flyer portion is really only 1/5th which is air canada's part and we assume that yeah some people in the program might not be in the program if frequent flying wasn't available say 1/5th but majority 4/5 might stay in cc programs.... it's really not that bad after all of a situation. I know the % of transactions that are NON flight based are much less than he merchandise based plan transactions so this sell off might really be over done. Throw in the normal course issuer bid that begins on the 23rd May if they act possibly , upcoming dividend, and maybe the ability to extend the transition time between air canada or work out some partnership with air canada's new plan and this could bounce. Existing holders yeah it might never get back to $10 but new holders like me, this might be a great opportunity Further constructive criticism welcome.