RE:Use of PLM proceeds There are roughy 70,000,000 shares not owned by Mithaq or Mittleman. At an average cost of $7 management could buy back half of those by way of open market purchases and still have a $350,000,000 war chest remaining to freely invest as they see fit.
The board can freely decide what the stocks floor is now, knowing every share they pay upto $7-8 is an accretive transaction that doubly benefits you. If it languishes at or around the same current severe discount to any reasonable liquidation value for any length of time after receipt of these PLM proceeds, then they are are to blame. Not the market, not Air Canada, not Aeromexico, not the previous boards or management. They can choose to reward your faith and patience, while taking the smart and financially correct path with a minority share of this money, or not.