Mittleman losses control of more sharesMB LLC lost direction and control of another 2.5 million shares. I presume that the account holders will now liquidate those shares (why would you leave MB if you wanted to hold Aimia), so that will probably depress the stock price for another month or so.
This is now a long term play. But I think one with tremendous upside and very little downside. The NAV is a multiple of the share price, and there is very little risk left in Aimia Inc: no debt and almost no employees. One of two things will happen: 1) the market will eventually see this, and the SP will rise to a healthy percentage of NAV (say 70%), or 2) it won't do that, and some fund with an exiting market reputation will realize that gap, and buy the whole thing. Either way, we will be in for a significant return. But patience is in order: it will take the market a long time to focus on Aimia. And as those 2.5 million shares hit the market, we may see some down. I not that the Chair of the Board keeps buying more shares, as do the other directors.